IT consultancy here. It's gone slow but we've kept busy pitching for more work, a fair chunk of which should pay off. Still profitable though. A good proportion of our long-term customers are local gov, education, NHS so not battening down the hatches quite so much.
Personally, I specialise in Novell to Microsoft migrations and Netware finally going end-of-life this month along with Novell's change in support policy (must have support/maintenance contract to get patches) has focussed a few minds, so that's steady work.
We have had a load of time-wasters recently though. Presumably people out there wanting to make themselves look busy, important and irreplaceable to their bosses so have been coming to us to do pre-sales and proposals for things, only to get to the point where they need to sign and commit and suddenly it's "sorry, I've had my funding for this pulled".
The change in pace has been quite nice for me – went from spending 4-5 days a week on site (which could be anywhere) and lots of driving, to a day or two at most and the rest of the time working at home. Not sure how I'd feel about going back to "busy" really.