As discussed earlier, I consider myself a generalist, as I deal with many disparate domains in my day-to-day job. I came to the conclusion that you’re even Steven either way. A specialist has a leg up if his expertise matches exactly what the position requires. The generalist might be perceived as being more adaptable. There is one area however where being a specialist gives you a definite advantage…
Consulting

It tends to be a marketing gospel that the more focus your niche market, the better off you are. If you are a consultant, marketing yourself as a jack of all trades might be tough. If you have specialized knowledge however, you are much more attractive, as a potential employer can bring you on on a temporary basis and not spend time training employees on competencies that are not core to the business.

If consulting is something you are looking to get into, I highly suggest you look at Jack Ganssle’s report: How to become a consultant.