As you know, I was forecasting the recession in the industry well before 11/09. Personally, I'm convinced that this recession is going to be considerably more severe than the 1991-94 one and may well develop into a depression. Certainly, that's what Warren Buffet believes - he was forecasting an eight year slump prior to 11/09.
From a wannabe point of view, it's disasterous as the number of qualified and experienced pilots will swamp the market for years to come; and as I've said elsewhere terms and conditions in the industry will change radically.