It is not always as simple as saying some degrees are useful and some not. A degree from Bristol or Oxford in English Lit or from Cambridge or Exeter in History will always show that you are intelligent and have a trained and analytical mind. Employers aren't stupid, they know this.
I do agree with you Abra1d despite what I have just said above citing English and History as examples. Years ago unless you went into medicine or architecture or something that required very specific industry based knowledge it was almost totally irrelevant what your degree was in. You still stood a good chance of picking up a graduate level job with a proper contract, good starting salary, full working benefits and often with ongoing sponsorship to gain a post-grad professional qualification, such as law, banking, accountancy etc. regardless of your chosen degree subject. There's many an accountant whose degree was in Geography or whatever, not finance.
The highest calibre, most ambitious students will still be picked up by the biggest and best companies and given graduate training positions, just as they always were. But just because we suddenly have four times as many graduates it doesn't follow that there are four times as many true graduate level jobs. The competition for the same or fewer jobs is much tougher. For everyone else who has a degree but isn't the creme de la creme they are probably left worse off in the long run than if they had never gone to uni at all.
The rise in unpaid internships is appalling, too. It's the most horrible cynical ploy that exploits desperate and disillusioned young people who have already done so much in the belief that it will improve their career chances. It has almost become the accepted norm that if you want a foot in the door of a highly sought after industry you have to be prepared to work for nothing at all, just to have something of use to put on your CV and to mark you out from the crowd. The saddest thing about the whole internship phenomenon is that only those students who can rely on the continuing financial support of their rich parents can afford to take them. Where's the justice in that? 
The whole thing is a bit of a depressing mess. Employers take such cynical advantage. For crying out loud - even working as a shop assistant has been turned into an apprenticeship! They can't even resist the chance to pay some poor kid £2.50 an hour to 'train' them for three years to do something anyone with half a brain could learn inside and out in three months, for the grand prize of being free to leave and seek a minimum wage job with a zero hours at the end of it.
Fuck's sake - how did it come to this? 