Not specifically on religious history, but on the state of graduate school in History or the Humanities more generally, especially for you advanced undergrads. or early grad students who may read this blog:
Anthony Grafton, "Graduate School in a New Ice Age," ponders the meaning of life for graduate students as even the best-endowed of institutions move rapidly from prosperity to austerity, and why it is that graduate school, in comparison to an earlier era, has become "formidably professionalized." You can read it alongside Tim Burke's characteristically excellent post Oh the Humanities, and Patricia Cohen's "Doctoral Candidates Anticipate Hard Times," from Saturday's New York Times.
Long story short: I'm SO glad I finished up graduate school well before California went bankrupt, and in an era when a bit of wandering, and wondering, could still happen before settling on "the professional career."