Realistically IT budgets will be getting squeezed as business tries to squeeze more out of the existing infrastructure.
However, there is a train of thought that says that this can not be all bad. Lets not blame the Bankers for getting high on large bonuses for moderate performance.
My take on this is that it is a product of our time, more of a social evolution albeit a rather unfortunate little experiment.
The focus on the relationship between IT/technology investment and business performance will be increased. That will lead to some interesting challenges for the “fad surfers” and will create opportunities for those with the vision to put technology to work for business.