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generalist all the way!
if you know enough about a lot of different things then you can easily jump into any new things. there really isnt all that much innovation in i.t. its the same old with just a differnent path to the result

If you are the very best in the field you may never have to even bother to look for employers, They will come knocking at your door. I think the best is to find what you like and what you excel at. If you can be a generalist and it makes you happy and you are able to make a living at it then the more power to you.

On the other hand if you have the passion at something and one to be the best at that then go for it. Just make sure that it is something you will be able to find work now and for the rest of your career.

Also been an specialist doesn't mean it has to be a narrow field. You could be an specialist at 'SQL Database"... or some other field that is broad enough to find many jobs, yet it is a specific branch of computing.

If you want to be the best in the field, and you think you really can get there, go for it! But also keep an eye on the world, your specialty may become obsolete one day. I'd say being a generalist is kind of a specialty in itself.