I don't know about the prestige but English has been, in recent years, one of the most popular majors. The English Department, however, has had some issues. Below is a link to the Mac Weekly, the student newspapaer which has an article this week about the trials and tribulations of the English Department.
English department looks to find stability under new leadership - News
I hope the link works, if not go to
The Mac Weekly and search the archives for English Department. The article is in the April 11, 2008 edition.