Thoughts Wanted: Is identity a liability for new graduates?

The discussions and focus I've seen on "personal branding", combined with the current void in available jobs for recent graduates, made me a little troubled. Thinking back to my own experiences right out of college, I just do not know if a defined identity is really what most potential employers want to see in their prospective entry-level candidates.

What has a diploma-carrying 20-something with little professional experience really done to deserve a "brand" of their own? Isn't how they adapt and meet the challenges of the real world far more important than what they say they know or can do within the protective halls of academia?

The "personal branding" concept does have relevance with those undergoing career reinvention or attempting to describe their experience-tested strengths and attributes in our modern, marketing-driven vernacular. However, I am not convinced that the same focus bodes well for those without the track record to prove their claims. Granted, there are cases where students possess achievements that solidify an identity of achievement. However, I doubt that they were not concerned about their "branding" when they focused their energies on a tangible product of benefit.

I would really like some insight on this. Please share your thoughts and answers to the questions posed in this article. Any (clean, relevant) comments are welcome.