I have seen this question come up again and again and I would like to share this information to everyone concerned.

If you are graduating in May 08, get your OPT starting date sometime in July 08.  You get to choose your starting date. You get 60 days to start your OPT after graduation and take full advantage of it. Also, you will get 60 day grace period after your OPT is over. This means that you will in fact get to stay legally for like  16 months after your graduation. So, you may not have to leave work for a long period of time if you get your H1B in April 09.