This is an interesting and valuable discussion going on! I graduated from CVA in December 06, and was able to find a job right before I graduated. I agree that it is a really competitive industry, and a highly saturated job market too for entry level designers. Micheal is right about getting out there to things like CWC, and check out the job postings on the AIGA site, and others. I think companies like Larsen are great that they are so involved int he community, but that also means that they are swamped with applications, and there are plenty of other firms out there who are less visible that might be more likely places to look.
I think the trick to getting a job is to be constantly looking, and to be in the right place, or calling the right place at the right time. I think experience is great, and most places do really value that, but internship are only good to a point, if you have a bunch of internships, you wouldn't be getting the same extended experience or responsibilities as say working in house at Wells Fargo for a year. There are plenty other option outside of design firms that help build up experience that can get you in the door.
In my situation when I was hired I had four months of inHouse experience, and a nine month internship under my belt as I was graduating. But I do know people who were hired straight out of school who hadn't worked a day in their lives ...so i think it depends!