Having been out of school (for all intents and purposes) for about a year and a half now, I can agree that it's a major change.
Life seems a lot quieter... you miss all the fun things you did in college, and yet you start to wonder how you had all that energy to get all those things done. When you get together with your friends that are still in school, you become the old lady who can't stay up until 4 and party like a rock star anymore because you have to be in to work at 7:30, and that's not quite the same as having to be in class at 7:30
Then again, actually having money is nice