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Looked down upon by the general student body and employers.
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people have already debunked the first misconception in that sentence so I'll stick to the second:
Where does that information even come from???? It's true that only 30% of any given graduating SEAS class will go into industry but that is by choice, not because they cant get jobs doing it. When they do get jobs, they are with highly respected companies such as (for chemical engineers at least) Dupont, Exon-Mobile, Howard Johnson, Intel, etc.etc. There is a list of where the graduating class of 2004 went, I'm gonna see if i can find it and post it here...