Geography is a field of learning and mode of thought. Geography is approaching the analysis of a phenomenon or series of phenomna and their interrelatedness from a perspective considering their spatial connections. In many cases, geography is very much like history. It's a catch all field that has spawned a great many other more specialized fields of study that span the intellectual world (Major elements of gender studies to geology and meteorology).
GIS is a tool.
Don't get me wrong. GIS is a great tool, but without another skill set to apply it to, it's merely following a cookbook and spitting out numbers and areas without context.
However, GIS is in large part what gets a geographer paid.
Geography is also great preparation for many other fields that may have you working in almost any sector of the economy (land use planning, agriculture, journalism, natural resource management to name a few).
Really what it comes down too is that the possiblities with geographic training are limited more by you than by anything else.
edit: I'm a GIS programmer and student on the fence between getting a Masters degree or Ph.D. in geography.
"if the city is visibly one of humankind's greatest achievements, its uncontrolled evolution also can lead to desecration of both nature and the human spirit."
-- Melvin G. Marcus 1979
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