CC,
If you can afford to, go for it soon.. You will then be 'right place, right time' when things do pick up.. But be aware, you won't walk straight into a job.. (Unless you are damned lucky, or have an Uncle that owns an Airline!!)
I have been in the aviation industry for nearly 18 years and have seen this happen before (and missed out myself, not being ready for the pickup!)
Things are no longer getting worse.. (in corporate aviation anyway!) I recon that the upturn will start by the end of this year!
Good luck to you though!