Yes, certainly sad tough days for aviation and the world in general. The way I see it, either of two things are likely to happen over the next year or two - or most likely something in between. I'll start with worst case scenario and finish on a positive note.
Negative - Although now looking more unlikely each day, the Iraq war may lead to an expanding war that may engulf the whole of The Middle East. If North Korea continues with the stand off with The United States of Aggression, there is a real chance of nuclear war, particularly with India/Pakistan both posessing about 25 nukes each and having been on the verge of war for years with tensions reaching scary levels late last year. If, indeed, the world is on the verge of yet another world war, as many believe, then I fear the aviation dream for most now working in GA is over. Years from now, the 50's to the 90's will be remembered as The Golden Age of aviation, most likely never to return.
Positive - However, if the issue with the Weapons of Mass Distraction is sorted out and North Korea chills out, we could be looking at 2-3 years of huge growth as I believe many Airlines are holding off on expansion plans as are the general public with their travel plans. Great upheaval in any industry also creates opportunities for the lucky, whether in a business sense or you are just a knob who wants to fly aircraft and also make enough income from it to have a normal human life.
I pray to God the world realises for it's own sake that it is at crossroads.
Unfortunately, the record of the human specias on this planet does not fill me with huge faith that we have leaned one thing from the 70 million murdered in the wars of last century.
Peace
Boney