A career change due to recession is an interesting thought. Perhaps the general need for IT professionals is going the way of cobblers, carriage makers, tinkers, radio and TV repairmen, typists, word processing professionals, and auto workers. Greater product volume, but less skilled labor required. For those faced with a loss of job, it may be a good time to pursue that dream they gave up for a real job in technology. There is a strange freedom that comes when you have nothing left to lose, and this can make a career change an adventure instead of a crisis.
For those whose dream is technology then the challenge remains, as ever, keeping current. This means training in new areas, expanding beyond their current niche. With the equipment vendors pressed to find buyers, it may be a good time to press for free training in their newest products.
Hunkering down is probably a poor strategy. The one constant is change during boom and bust. It is a common misconception that companies reward the stalwart worker. The worker can find himself as obsolete and easily replaced as last years PC.