Who among us is not happy to see 2008 go?
But, there are some in publishing who predict even worse numbers for 2009.
I don't know.
What I do know is that what is selling is celebrity and branded books (I have two of those right now), as well as pop culture titles (I have one on the best seller list and another in development, although it's with a TV show, so it's also branded and official). There's still a strong market for YA, romance and erotica, but there are fewer slots open than last year.
And the ebook and audio markets continue to grow, while print publishing shrinks, but both were so small to begin with that it's inevitable that there would be growth there.