Academically (and perhaps controversially) speaking, I get the feeling that Graphic Design is becoming the new Media Studies, i.e. a route into academia for the perhaps less-academically inclined with the associated appearance of creativity and modernity (I also understand from something I read online that research indicates a high level of dissatisfaction with GD courses and their ability to prepare graduates for the jobs market). Consequently, while turnover across the industry is in decline, there's a glut of would-be practitioners which, in turn, drives down both quality and value.