In fact only after people in MSc get placed ,other department people will even get a chance to get shortlisted,because until then only people form MSc will get shortlisted. It is up-to-date . IT and CSE are equally good . Its a five year course and if your passion is coding and you want to get placed in extremely good software companies then It is a course that you should take. Some of my friends in MSc got placed in i2i,Thorogoods, PAYPAL ,IBM LABS,ZOHO,Juniper,Cisco and the list goes on . GO for it. Of course i also got placed but only in companies that took 400 people from PSG like TCS,CTS, which everyone from PSG will get in.

Thanks,
Azim