I speak from VFS experience...I did the 3d program there in 97 and the 2d anim and life-drawing portions of the program (were) lacking. I came from a BFA so it was just the traditional animation that I felt I'd have liked more of. It's been said before but I'll say it anyway, it's what you put into it. It was (and I've been told is always improving) a decent program if you lean toward animation and modeling but weak in lighting, texturing and compositing. The big plus for me was the length of the program as I got out and strengthened my skills at home while job hunting, and the 24 hour access to equipment.
My Sheridan friends all did the 2d program and have mostly good things to say(most were hired in 2d before finishing the program), but I can't speak to it beyond that. However, if reputation means anything... VFS has a reputation for 'cranking them out' and Sheridan has the reputation of being 'the best in Canada'. Again, it's really about the individual and not the school.
About the job market. It's tough right now. It's a great job and if you love it, do it. But it may not prove to be an easy task getting your foot in the door.
Good luck with your choice!
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