I see physics as a "liberal" education in technology. It prepares one to understand much of modern technology, and in the sense that a liberal education prepares one for life but not for a specific role in life, physics gives one access to the world (should I say the universe?) in a general way that goes beyond preparation for research or an academic or industrial career. The physics curriculum develops curiosity, observation, reasoning, mathematical analysis, verbal and written discourse, etc., and these can be applied to writing, teaching, business, engineering, research, diplomacy - to any endeavor.

I love teaching (but then, I learned from the best), and love my research - it's trying to do both all the time that I am finding taxing.

I would say, using myself as an example, having a Physics background is a tremendous asset no matter what field one decides to go into. I really think that the problem solving skills I learned as a Physics major have helped me in my Engineering work. Also, since Physics is so fundamental to everything else (perhaps my view here is a little jaded?) there is no way to go wrong by learning Physics first and then moving up to other disciplines. ('Up' in the sense that 'C' is a higher level language than 'assembly'.) And now seems to be a great time for well-skilled scientists here in the Silicon Valley. The group I am in at IBM is concerned with magnetic disk media and most of the PhD's are from Physics/Material Science backgrounds.

My point is that the baseline skills for success in industry (I believe) are common sense, good communication skills, a reasonably broad background in science and decent computer skills. There will always be a market for bright people who satisfy these criteria, and a physics degree is a big plus for the applied science shops.