While I have seen a surplus of FNP's in my area of the country, Acute Care NP's are still in demand. Most of the job postings I see for Acute Care NP's specify 3-5 years of progressive RN experience as a requirement. I feel this will weed out those without significant RN experience who quickly jumped from their BSN to grad school. If you want to work in an inpatient NP position, only Acute Care NP's are being hired as well.
As a current Acute Care NP student, reading forums discussing the possible NP oversupply make me nervous and a bit anxious about the long-term job outlook in the profession. However I do feel I attend a rigorous program and I am happy that my school provides all preceptors. By the time I graduate, I will have over 7 years of ICU and ER experience as well as my CCRN, so I am hopeful that will count for something!