I've been at a big corporation for a while now and recently half our team just left for new jobs. They are now worried about retaining talented developers and replacing them, so in terms of my office, things are really healthy for anyone looking for work.
But, the reason people have been leaving is because this place is like 10 years behind the times. If I didn't introduce stuff like jQuery and Moose(Perl) we'd be building websites with sticks and stones competing against rival companies with RAD frameworks and the latest and greatest technologies.
I've been trying to leave myself, but the "problem" is these guys pay me pretty well so the only positions that interest me have above market rate salaries. I was never worried, because every time I did a job search for "Senior Developer" there would be at least 5~10 jobs with at least my salary on display. Now those types of jobs seem to have completely disappeared from the market and salaries of available jobs have went down from an average of £35k per year to around £25k.
I'm pretty worried that the average salary will lower and soon I'd have to take a paycut to get better working conditions rather than even a sideways move like I was thinking of doing. Six months ago, the idea of that was laughable.
Edit - BTW, I'm from Scotland. I should mention that here the norm is very much to attach an expected salary to a job listing so it's pretty easy to get a quick overview of the state of salaries being offered.