i'm talking more generally about developers, as my job is not php specific, around Oxford/London/M4 corridor.
i think i'd do ok, despite flunking my degree - but only because i've got three years experience and a degree (if only a pass); i think most people in my position only have either a degree or three years experience, not both.
my old buddy pete has just finished a masters in computing - he averaged 78% over both his degree and masters, and he's really struggling to find a job due to not having any experience. He told me that everyone wants somebody who is both fresh out of uni (so they are free from bad prog habits) and who has a few years experience!