I'm not really loving the crash, because it's going to hurt a lot of people, and that's why I hated the boom (because we knew this part was coming).
However, the crash is suiting my particular circumstances too, but it appears (from another article posted here today) that the bottom is still likely to take another 4 years at least to reach, and God knows what kind of lending capabilities the banks may or may not have in even 2 years. So FTBs still have a couple of hurdles to face.
Interestingly, looking at the poll, last year could be called the year of denial, this year the year of fear, so it looks like each year enters a new phase. By that reckoning, we enter despondancy (bottom of cycle) in 2012, which tracks.
2012 end of the last mayan cycle DUN DUN DUNNNN!!!!!
Good summary all the same. Particularly concur with your sentiment in bold.