WindSheer,
Don't write it all off too soon. The 757's were going anyway and are still being back filled now with Airbus. The 767 will soldier on in the Medium Haul category and the 747 was due to be slowly phased away and replaced by the more fuel efficient 777. 4 777-300 ER's coming this/next year. The current projection is a winter schedule 3-4% draw down. Not huge!
Even with the LH/SH draw down and the VR the company are managing the current, minor, pilot surplus well.
As 757_Driver has stated this all depends upon the shape of the current economic recession and both its depth and length. I feel if we could all possess that sort of crystal ball then we wouldn't be working in this industry!
The next year will be crucial. This coming winter season could be a killer for many airlines. Next year will be, imho, slim pickings. After that? Who knows.
I wouldn't write off a mid to late 2011 time frame though.