Hey Ed, sorry to hear about what happen. It's always sad to see friends and colleagues got let go. Be gratefull you still have a job.
I got laid off in January and am still searching for a full time job. Nice thing is the company let me stayed as a contractor till end of March. The job market is currently bad at this point, with new news of lay offs every month and I haven't seen the end in sight yet. You can check the news here about the layoffs since Oct'2008:
http://www.techcrunch.com/layoffs/
Ed: Is your company on the list yet?