my adviser was the same. he got a whole bunch of degrees before getting the one that actually mattered, and it wasn't until he was 35 when he finally got some traction on a potential career in academia, a feat that's several times more painful these days.
I, too, am seriously reconsidering what my plans are with regards to a phd.. 50% placement across the board, including applied research? fuck no. I'll get my device manufacturing knowledge and training, and using university resources to try get my foot in the door of a good company, for a fresh start. people always tell me a MS doesn't help you very much, but it's sure sounding a lot better than a decade of this bullshit.
spectastic got a reaction from Neist in about 50% of the people graduated from my program without any job offers, holy shit.