Are you looking at being an airline pilot?
If so my father is a captain for Continental and my brother has his AP&P license and is finishing a degree in aviation maintenance at Utah valley University. I guess the airlines don't necessarily require that you degree be in aerospace. However my brother already has his commercial license so he's a little ahead someone walking into college trying to work up from scratch. My Dad on the other hand only got an AP&P license and walking pickett lines in the 80's to get a job at continental (he was flying corporate jets before so he had ratings and hours) and they didn't fire him after the strike ended and has been there since.
The prospects look pretty good as an airline pilot. The current crop of pilots are all in a similar age range so soon there is going to be a huge glut of jobs needing filled as a whole. You might be worried about all this economic hardship and how it's affecting airlines but it shouldn't be your concern until you are actually ready to find a job. In 3-4 years I'm sure we'll be in a whole new place with the economy and the airlines will be in good shape again.
As for the airline industry as a whole it's very cyclical, and it works similar to a commodity market, especially in the past (kinda). For the most part airline seats are a commodity to 85% of travelers. Business people who have got to be in a certain place at a certain time and have deep pockets are a different matter though. In any case you must think of all the combined seats available as a commodity. When there is a glut of passengers all of the airlines are fat and happy. They make lots of money and constantly expand fleets and routes as well as having their union gobbling up profits as fast as possible (in new labor contracts). When there is a downturn and say 15% of seats are suddenly empty it is an industry wide downturn and everyone is affected (we'll get to exceptions in a bit).... Now everyone is losing money and losing it fast. However some airlines have huge cushions of cash (Continental), , have resisted massive and gluttonous expansion (Southwest), and have contracts with labor that are reasonable (Southwest & Continental). These airlines might still be losing money but float to the top relatively unscathed. Those airlines that are not properly managed sink to the bottom while losing billions every year. Eventually one will go out of business or be eaten by a strong airline or they will merge with another weak airline. Suddenly their capacity is off the market and planes are full again. Also speaking of M&A in the airline industry, it's basically very ugly and cutthroat. The unions never agree and strong airlines will sometimes string weak ones along until they are on the verge of collapse, worsening their situation since they are expecting to be bought out, then they cut them loose and watch them fail..
There are exceptions, notably Southwest airlines and possibly Jetblue (they are kind of new). Both seem to be managed very well and have bucked the old guard airline model that is so cyclical. These would be good airlines to work for since if you end up in an airline that goes out of business you are F**KED! This is because all airlines work on a union step system for seniority. Therefore if your airlines goes south and you start somewhere else you start at the bottom making 35k. This could be a big problem if you where high up the ladder to be making 200k (what my dad makes)...
Now there are some amazing benefits to being a commercial airline pilot. Like the 250k+ working 16 days a month for your last 5 years, but you have to be smart about the airline you choose. My Dad got lucky, Continental was one of those airlines at the bottom of the barrell several times but due to excellent management (Gordon Bethune) they have risen to the top. If I where you and aiming to be a pilot I'd go for it. The benefits are insane, the pay is off the charts (nothing like the responsibility of keeping 100+ people alive 2-3 times a day), and there will likely be a job there for you after college.