In case you missed Peter Woit's blog entry, or Erich Poppitz latest data, you might want to read a summary of it here.
I've always stressed the issue of "employability" when students asked me about majoring in various areas of physics. While this is not an issue when students first get into grad school, it will be a huge issue when they graduate and looking for jobs. This doesn't mean that one shouldn't go into areas such as theoretical high energy physics. It means that one needs to be aware of the challenges when doing such a thing and be prepared for not finding the job that one wants. There has to be a backup plan in anything, and more so when one is specializing in an area with very limited employability.