My brother is in his 3rd year of Nanotech at UTS, they were the first year to do the course. He started in innovations (only for the $2000 scholarship), then dropped to straight nanotech. Theres about 7 people in his course, alot dropped out or transferred.
He seems to enjoy it, i cant say that i understand what its about though, he just says its a combination of chem, physics and maths, and they get to play with million dollar microscopes.
I'm not sure about the job market, he said in Australia its a bit small, he'll probably do Honours and maybe an education degree to give himself some time for jobs to come up.