If you pulled 100 people off the street and asked them to describe the difference between Computer Science and Computer Engineering, I doubt you'd get many good answers on what the actual difference is. I took the CS route at Waterloo but I also enjoyed Math so it was a nice combination for me. This is something to consider in what program you select is what kinds of course requirements are there for graduating and do you want to be taking those kinds of courses as some may find that Computer Science at Waterloo goes overboard on how much Math there is to the program. That was the impression some people had at Waterloo that I remember hearing as some may have decided to go to Simon Fraser for another good CS school in Canada, though there is a bit of a geographic distance between them of course.
I wouldn't say either program opens up more opportunities or that Waterloo is the way to go. Waterloo is a way to go and for those that want it, good luck to them. Good luck to the others that choose other schools as it isn't like all the CS graduates can come from just one school now, can they?
I'd say that "Software Developers" as a general heading combines programming and engineering to some extent. That is a rather broad heading as there are a few different parts to what falls under my duties which include troubleshooting bugs, translating business requirements into technical documents, testing what I'm building, design and analysis of the current architecture I'm using, as well as programming itself. Have you done some Web Development? Some Applications, either console or windows? Have you looked into Databases at all? What parts of programming do you enjoy the most? What other aspects would you like in a job? Do you want to work in Information Technology or do you want just Technology? Do you want to work for a big company or small shop? These are just some open-ended questions that I'd suggest you ponder.
I wouldn't say that I love programming as much as I enjoy solving a problem. That problem can be a, "How do we get that onto the web page?" or "How do we build a form to get this information from the user?" where I or someone else can go and work out what has to be done, how long will it take, is this acceptable to those paying me, and when could I get started on it.