Here in Mississippi, everyone I know with a master's, specialist, or
Ph.D. in Instructional Technology works in one of these positions:
1) Runs the office supporting other instructors - purchasing
equipment, providing training to instructors, troubleshooting,
establishing "special case" scenarios for all technology. This
includes everything from email to distance learning software such as
Blackboard, data projectors, clickers, Camtasia. Generally, this
expert works with staff, and not with students.
2) Our state's community colleges have a consortium for online
instruction, with each community college having at least 1 distance
learning coordinator (some colleges have multiple campuses with a
DLC at each campus). An IT degree is the "preferred" degree for
this position. Typically, a DLC interfaces between the state board,
the software companies, the instructors, the students, and
administration.
3) I know of two people with IT master's degrees who teach, but both
have positions in the vocational spectrum - working with students
who will finish an AA degree and be the computer expert in a
business such as hospital or school system.

My brother lives on the East Coast and has a master's degree in
Instructional Technology. He runs a training center for the Navy;
purchasing equipment, training instructors, and troubleshooting the
instructor, student, computer interface.

Boiled down, if your plan is to teach, then I'd steer away from the
IT degree, unless you wanted to work in the vocational area.

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