Concerning the GPA topic, I will not assert any points, I will let you guys draw your own conclusions.
As an engineering student majoring in two engineering majors (Computer Science and Engineering & Electrical Engineering) and currently on a Co-op with a very good company in a position that is even in terms of Co-ops is very well compensated (currently I am doing R&D and I am not even graduated yet!).
I through my experiences have been able to get in to companies and places that my buddies back in engineering just couldn't get in to, don't get me wrong, they had the GPA advantage, I had the 3.0~ish level (or sometimes taking little dives there) all the time, they on the other hand had the 3.6-7-8, that I could basically just wish for.
However they didn't have the better GPA's because they were smarter than me, on the contrary I think without any bragging that I know more in my field than % 90 of my classmates through my interactions with them. However it's only because they were spending their time pounding the books, meanwhile I spend my time picking up new skills, new prog languages, experimenting with ideas, researching this and that ...etc even on my spare time, why? Because I have deep passion for what I want to become, they don't have as much, I know them, they don't spend their spare time working on fun little projects or learning anything new, they spend it chasing girls or reading Harry Pothead books.
Interview time comes, interviewer looks at my resume(I don't even have a GPA on the resume!), GPA wise I know I don't even stand a chance w.r.t to my fellow classmates, however the interviewer looks first at the skills column and it is loaded to the brim with all well diversified types of engineering skills (in both CSE and EE) the interviewer could only dream of having in an average candidate that hasn't yet graduated.
The interviewer asks me a couple of questions and I answer correctly and then the last thing you know me and him are spending 2x times the original interview time just shooting shit and laughing, discussing why this software rules while the other sucks balls , why it's much more efficient to use this controller rather than that controller, what I read in this book and what I experimented with for fun and to top it off what type of music I like playing and what electronic components it involves. At the end of the interview, the interviewer can see clearly, that had I really put my mind into it, I could have easily landed that high GPA like the others, but that's not the way I chose to spend my time in school.
Afterwards, the interviewer talks to the other candidates. Sure some might have the GPA and the skills, but in reality, many students outside their curriculum don't know jack, a smart interviewer realizes that and doesn't let the GPA fool him/her. Hence why on more than one occasion I was able to get into nice places my upper GPA fellas just couldn't get in.
Now in the real world a lot of companies hold the GPA as the holy grail of filtering candidates, you know what, I am not going to feel bad about not being able to get in to those places. If they don't want to take the time to see if I have the capability to do the job right, then I am not going to take the time to worry about it, there are lots of companies out there that appreciate a passionate student more than anything else.
Now this is not a standard case by far, but a good deal of the stuff that I have to deal with in school has nothing to do with my real professional prospects, I feel I am investing my time much better on the stuff that I really want to do and learn, rather what I am being force fed in school.
If you are an Engineering student that is suffering due to the not so fair measure by GPA, go out and prove that it doesn't really matter, for example go get some hard to get engineering certifications, take courses outside your curriculum like those offered by companies or even take some major related electives that make your experience more well rounded, pickup some skills that make you more marketable and make you stand out. Take a cup of coffee and a cigar, go out to a park, admire nature relax and think about a project you would really love to see yourself involved in, go and involve yourself in it.
Sorry for the long post, but I felt compelled that I needed to share my experience with other current / future Engineering students.
Hang in there mates