Great discussion. I'm 28 and a late comer on the scene. I got into Interactive Multimedia because I enjoyed dabbling in a cracked version of Photoshop and although 4 years later I have a Bachelor, I am absolutely overwhelmed every time I read a job advertisement for Graphic / Web Design.
I feel as if I've only touched the tip of the iceberg and I am light-years behind everyone else in this industry. I feel that I do have a good concept of visual design, however my overall programming skills are quite poor and my employment prospects within this industry are thus the same.
Someone mentioned earlier in the thread about people needing to understand and acknowledge their limitations. I think that that's very important and some very sound advice. However anytime I think along those lines it almost depresses me because would-be employers don't seem to want to hear that.... they want the ultimate designer to join their exciting new business venture (sic).
Anyway, I guess if I'm passionate enough about what I do or what I want to do I will eventually succeed.