Let me counter Oli. From my viewpoint all his arguments look subjective.
First, as a college student you should aim for two things: the language that suits you, and the framework you prefer.
I've found Rails almost explosively RAD when it comes to getting prototypes and GA (general availability) releases complete. The code is not complex and the language standard, while somewhat esoteric, complements the framework greatly. For myself I've found an almost perfect fit with Ruby on Rails. Coming from a PHP background the full object-orientation features and language-level framework integration makes development far simpler than it ever was in PHP.
Now, for you to find something that fits you as closely as I've found Rails to fit me, you have to try one of the languages, or both of them. From your original post it looks like you weren't all that sincere about learning Ruby on Rails the first time. The resources I'd suggest, that even fit a college level budget, are: Agile Web Development on Rails (3rd Edition), Everyday Active Record (screencast), and either Programming Ruby or The Ruby Programming Language. I never recommend Why's Poignant Guide because it aggravates me so much.
But should you worry about the future? Not yet you shouldn't! These changes are just potentials currently. While yes there seems to be a good number of people fracturing the upper echelons of the Rails community, the current build of Rails is very stable and feature complete. And Rails is 100% documented with no omissions that I've ever seen.
I see Oli touting the performance of Python, but I need to take a moment and negate most that. Something to note is that Ruby 1.9 will soon be here. Yes, I know it won't be stable (initially) but the 25% speed increase will make it much closer in speed to Python, negating the greater half of his argument. As it is, Ruby Enterprise Edition reduces memory footprint by ~33% and increases efficiency by roughly 25% right now. (Imagine when Ruby 1.9 becomes stable and is improved like this!) Plus, scalability isn't always an issue. Usually you should prepare for scalability as you edge towards it being an issue, and only then. (Or when you have nothing better to do with your product, but when do we ever have that much time on our hands?)
I've had no experience with Django, so I can't say if it is or is not faster in development than Rails.
Once you have a good footing in either language and framework that isn't enough to preclude you trying the other. Frankly, I've committed to Ruby in spite of the problems because I like the framework it is now. If things become increasingly problematic in the future ... there's always the option to create a fork. ;-)
To sum it up:
- Find what language is best for you.
- Find the framework you prefer.
Then worry about the problems that might crop up. It's best to learn from what you enjoy, so that you learn faster. And later, you can take something you don't enjoy (like a language or framework) and make it something you actually do enjoy.