I'm new to this but have been researching it.. seems like this is what I've seen most on this..

1) build up an emergency fund (3-6 mo) first.. Some have parents that can serve as a short-term emergency fund, so if that's the case then you can be a little more aggressive in skipping this step when just starting out and getting established.
2) Start saving for your down payment now like you've been doing (if you're gung-ho on buying, ect and if you really think you'll be in the same location for >5 years). Options are limited if you need the cash in 1-2 years. Obviously don't want to risk losing it, so most seemed fine just parking it like you're doing, CD's, ect.
3) Paying down student loans often is determined by your loan rate.. If the 6.8% that most recent grads have, then that is the priority to pay down first.. Most seem to feel that should take priority over 401k, IRA, ect.. (unless you get employer match).. IF you have loans in the 2-5% range some feel it's better investing and paying down the loans less aggressively
4) If get an employer match in your 401k, do whatever you can to fund that.. then IRA's, ect..