I remember it, I had just quit a solid job at IBM to join a small consultancy for almost double the pay, for me the crunch seemed to hit like a tonne of bricks - I don't really remember it being a slow motion crash, it seemed to happen really quick. I do remember feeling really worried about my job after most of the work dried up, the company was lucky to have a couple of really solid clients, although the company did go bust after 12 months - hopefully nothing to do with me. I did make sure that I saved as much as I could while I was working for when the inevitable happened. I was quite lucky, I lost my job and then was picked for contract work a week later.
I can't really comment on whats going on at the moment as I can't work anymore.