I've been working as an "engineer" at a professional engineering firm, doing the work of one even though I'm not one, working directly under a PE, for 24 years.
My take on engineering is, even though I work for a very well established firm with many contacts/ clients ... As in everything else, some times will be very good ('05-'09 for us) and some times will be very hard (I actually offered to forego paychecks a couple times between about '02-'05). In fact, also like most everything else, there's almost always either too much work or not enough. Rarely just right.
And I'm sure you can take all this to the -enth degree when you're just starting out. It's gonna be hard. Very hard. But in the long run will most likely be worth it.
In this business, my long-term view of the past is that what you're really doing is treading water the best you can until a break of some kind comes along so you can get some breathing room (savings!). You can't possibly know ahead of time where it will come from or what will be involved. When it comes along you'll probably have to work your @ss off for some period of time, but will be paid very well for it.
This will sound like a cliche, but I really think it's the engineers that have a good attitude, never say no, and are willing to work after hours and long hours as needed, that have the best chance. It's the complainers and those that dont want to actually work that struggle.
Another thing, the PE I work under is completely 100% engrossed in our work. He constantly stays current on every issue in the industry. I know for a fact he reads anything and everything he can engineering-related after hours, at home in the evening. It's really a lifestyle; Do you want to have a real good chance to actually be a succesful engineer, or kinda just hope giving it a half-@ssed try will work out somehow.