Caveat: I'm not a PETE, but I am a PE. This is solely my opinion, but when I counsel students, this is the advice I give them.
If you're going to work for somebody in an engineering position (as a real engineer, not one of those plant operations jobs), you won't "need" it as long as someone up the chain has it. There may be limits on promotion potential without a PE in some corporate management structures.
If you decide to move into other opportunities outside of corporate work, then yes, it will matter. You can't advertise engineering services unless you have a PE. Becoming partner in a consulting engineering firm (in my colleagues' experiences) would be very difficult, if not impossible, without it.
It won't hurt a thing to take the FE; you'll spend some time preparing for the exam and a Saturday taking the test. At the very least, enduring the test is as good a reason to celebrate, as any I had during my final year. It might help, depending on your ultimate career goals. But waiting to do it reduces your chance of passing considerably. Do it while the knowledge is fresh. All the knowledge you'll gain on the job will displace the theory you'll be expected to know for the FE.
Passing the PE (Principles and Practice) exam shows that you can exhibit minimal competence. Don't wait around on that one either. When I sat for the PE, there were several folks who waited until it was absolutely necessary for a promotion to take it. It was pretty painful to observe. I took the FE in '98 and the PE in '08, but I spent 5.5 years of that time in graduate school pursuing advanced engineering degrees, so I wasn't ever that far removed from the theory type material, since I was helping to teach it.
A friend of mine pointed out that everybody knows what an architect is and what they do because AIA has done a great job at policing the use of the title. NCEES doesn't really seem to take issue with placing the title of "x engineer" on plant operations personnel for instance. Do yourself, your engineering discipline, and the profession itself a favor and do it.
[This message has been edited by AgEng98 (edited 8/13/2011 12:25a).]