Well the over optimism has gone :)
There use to be the couple of days of, oh look IT is impervious, yeah right, IT is always the first to go, because no one inside of management really understands it.
Sure, IT is more important than marketing but not in perception, only in reality.
Remember kids, never study for IT or Comp Sci., it will get you nowhere, it is not a sexy job, it is not an easy job, it is all consuming, abandon all hope ye who enter here should be the IT mantra.
So, now we have the job cuts, good good, same old IT boom, bust cycle, sure they will be some opportunity in the market place both on the way down, and the way up again.
More will be muttering about turning to the dark side, and hey there is a lot more info already for you to embrace that side of things. And those with the light bent, well there is always doing your own project and selling it to the Iranians, when the embargo gets lifted :)