Diggings has a post that is a microcosm of the impending shortage in the hiring market:
In the last 6 years, the number of welders has dropped 10% to 576,000 people and the American Welding Society predicts that by 2010, the demand for welders will outstrip supply by 200,000 workers.
We are involved in some highly specific searches right now and are encountering similar supply-demand issues. One search I am working through has led to two different final candidates that parlayed an offer into a better package from their current employers. As demand increases and supply diminishes, I am certain we will see similar behaviors.