A lot of departments will be hiring or at least "wanting" to hire. You have quite a few baby boomer cops retiring/promoted over the next few years. However, if the economy doesn't make a sharp improvement hiring may be kept to a minimum.
I see the job outlook as good. The two departments I'm in the running with told me the exact same thing. A third, SD Sheriff has academies approved through the end of 2013. I just couldn't justify moving there for the amount of pay..