There has been a change in the air around me since this "recession" has come. The best description I have is that things feel like they have "retreated" somewhat. I've noticed that people seem more conservative, more withdrawn.
Personally, I believe it is a good thing.
Around my office, there is less hype, less rush. I guess one too, can interpret that as not a good thing business wise but I see it as more relaxed and I am enjoying it. It's as if there is less "pressure" somehow.
When external factors create an environment (real or imagined) that is conducive to slowing down, I tend to embrace it as I view it as a cycle. Like most cycles, it too shall pass.