I think potential still rules, at least with a significant number of companies. I knew a gal who I worked with some years ago, that was brilliant at school. She had a 4.0 GPA. But she couldn't program to save her life. She got a job, working at Sandia National Labs, as a programmer, based entirely upon her GPA. For her own sake I hope that she moved out of the job into management, where she would be better suited.