Things have changed somewhat dramatically. As far as I know, schools in the US have slowed down due to students not being able to get financed. I would imagine this is true in Europe as well, as I heard schools in Ireland and Uk had slowed too.
As far as onshore commercial work, in my view it has collapsed very badly. It's a struggle to get work these days. Just look at all the operators and it's clear as day. Canada's industry has tumbled, due to oil and gas crashing. I had heard companies in England and Ireland have fallen dramatically - we all know that there is hardly any work left in Ireland!
The U.S. seems to still be somewhat going a bit, with most of the work being offered in EMS, as the GOM has slowed too, and Bristow (Air Logistics) has been letting go of people there. Offshore I have heard Bristow is still letting people go, and CHC had been letting go of their contract pilots. It's pretty bad times in my books.