Well, IT didn't fall apart until I went into teaching full-time. I now have tenure, so, like you, I have some job security anyway...
IT is now coming back, as is evidenced by our slow rise in enrollments. We had a steep rise but have held steady for the past two years.
As far as others...
According to what I have read (and a few friends...sigh), it mainly affected those who had not been as willing to keep up technologically. As you know, the path of least resistance and all that means it is easy to rest on your laurels, and in this case, not bothered to learn the new stuff like php, Java, etc. The ones who retrained themselves have come out okay, the others took semi-IT jobs in sales, administration, etc. A few went and started their own non-IT businesses. This is well-documented on the Net and in newspapers.
It is not as devastating as the MSM would make it, but it does present a point that one always needs to keep up with the technology.