I'm reading applications for a position that's not Composition and/or Rhetoric, but about 15 percent of the applications are from folks in Comp/Rhet.
Since I don't teach at super famous R1 in a fabulous place to live, that leads me to believe that the shine is really off the Comp/Rhet marketability.
It seems like there are a lot more Comp/Rhet PhD programs out there, graduating a lot more Comp/Rhet PhDs, but there's not a great tenure track market, certainly not what there was? (Maybe it's the ratio: it seems like there used to be fewer candidates for each job, so a greater likelihood of graduates finding something, as opposed to say, 20th century American Lit.)
It used to be that when I had a promising undergrad who wanted to get a PhD in an English Studies field, I'd recommend they think about Comp/Rhet. But I'm thinking that's outdated thinking now.
On the other hand, my suspicions are 100% based on an anecdote, and data isn't the plural of anecdote...