Thing is with freelance work you can build a mighty portfolio of stuff which you have actually done for clients (as opposed to just classroom projects) and this will stand you in good stead when (and it will, eventually) the economy gets better and agencies start recruiting in earnest again.
As those annoying government adverts say: "the future, its in our hands"!
Look at it like this: Students are graduating with design degrees/diplomas and there is no work cos the economy is crap etc etc. Graduates are being thrown into the deep end from the beginning because of this and we have to learn fast or re-skill and become plumbers. Hence, if you take the correct approach to this experience, you will come out of it stronger in the end.
The upshot is (and I may be laughed out of town but here goes) that the creative graduates of today will be more savvy, more experienced and more resourceful having risen to the challenges that this recession throwing at us!
We may be "unemployed" at the moment but we may be more employable in the future if you approach things in the right way!
Just my 2c!