Should you be a jack of all trades?

With an ever expanding IT world does it still pay to be a jack of all trades? Back in the day if you knew how to work a computer you were golden.

In recent IT history a person educated a computer related field was more sought after. But today if you had to know everything about everything would you even be able to keep up with everything your company asked from you or does it seem more logical to expand your team and use specialized skill sets instead?