As a student at the 127th AES Convention attending the game audio track lectures, I found the best advice was given by Richard Stevens from Leeds Metropolitan University.

“If you don’t have some sort of game or interactive project in your portfolio, you’re just not trying hard enough.”

This makes perfect sense, and I don’t see why more people don’t do this. It’s all fine and dandy to have your Flash mp3 playlist of your demo reel on your site—potential game developers looking for an audio guy want to know if your music and sound design work is any good with a quick listen. But, how do they know you really know how to make this stuff sound good in an interactive setting?