I work in biotech and will do my best to answer your questions,
Basically, in terms of industry, biotechnology is utilizing the lastest scientific advances to make new products (usually 1)new drugs 2)therapies 3)plant-based stuff). the difference between biotech companies and traditional drug companies is usually there is a focus on using DNA or protein information to define targets for new products, whereas historically, most drug companies basically focused on playing with different mixtures of chemicals and then see how they affect people.
Work is basically performing different research experiments but always keeping in mind eventual commercial possibilities. unlike academia, you don't always get to just do research because you think it's cool, there's generally someone you have to convince that whatever you're doing will have commercial viability down the line. depending on what kind of company you work for, you get more flexibility about proving this. for instance, i work for a pretty big company, so it's easier for me to do "interesting" work because we aren't desparate for money in the near future. smaller biotechs need to convince investors in their business plan, so they generally don't have as much flexibility on what they work on (like if they told their investors they're working on a drug for heart disease, they can't just randomly start looking into breast cancer).
you can make lots of money in biotech if you play your cards right. kind of like the old internet companies, a lot of biotechs give you stock options so if their product gets to market, you could really make it big. again, it depends on the type of company you work for - the PhD's at my company are making close to 200k/yr (i think) and i can't even imagine what the CEO (also a PhD) gets. You can get into biotech with a BA/BS in bio, biochemistry, chem, organic chemistry. from what i've seen, most people come to the company with either a BS (a few with MS), work a few years, get the company to pay for some of their Master's work, then go on to PhD programs if they're into it.
there's a lot of potential in biotech and TONS of companies doing so many different things. with the completion of the human genome, there's going to be a lot of pressure to utilize what we learned (and spent) to make new drugs and therapies. i don't know anything about the georgetown program, but you don't need to specialize in "biotechnology" to get into the field. maybe it may help give some of the business perspective that you don't get with a biology major? if you are interested, and there are biotech companies near you, look into an internship - they are usually looking for more hands to help and some pay pretty well (i just found out my company pays interns $12/hr!!! i wish i knew about that while i was making $6/hr in college!)
anyway, i hope i answered your questions - and my experience may be different than others so if anyone else has any insights, feel free to speak up!!
