True, MACC is not a good degree. MBA is much better. But the economy is bad for MBAs, even the top MBAs.
Most big 4 accounting firms have overhired people in the last year or two. Because of Enron and other audit failures, there is a new regulation called Sarbanes-Oxley 404, which requires all companies to have adequate accounting controls.
But all the Sarbanes work should be completed by the end of next year. So you may see hiring for MAcc cooling off again in 1 year's time.
Some reports have negative projections for 2008 graduates. But the situation is mixing. In northern part of US, the registration has dropped in this year due to the negative projection. Further information can be found on AICPA website. This is a cycle, just like what happened to the housing price.