Likewise, I'm finding it decidedly less than pleasant hunting for jobs, and, particularly with a year and an MSc now separating me from Cambridge, haven't seen much evidence that the Cambridge brand name on my CV has been making a huge impact. But Cambridge was still a pleasure in many ways to study at, so I could hardly wish I hadn't gone there. And anyway the difficulties finding a job are more to do with the lack of graduate positions in the area I want to work than anything - it's hard even finding a good number of posts to apply to, let alone get accepted.
Though, having said that, for the only decent job so far for which I've been offered an interview, I have had the impression that the word 'Cambridge' was what got them to at least look seriously at my CV (as it was one of the first things mentioned when they called me about the application, and was repeated when they said that since I'm so far from London they'd shortlist me without the initial interview and just make me come up for the final one), so I guess it's helped a bit in this case at least.