My two cents:

Keep as many options open as you can. Keep expenses down. When the industry turns around (and it will), you'll be in a much better position to see if you still want to fly for a living. Don't go into debt to fly. Pay as you go. In the mean time, put your degree to work. Have fun learning to fly and/or keep on doing it. I still look back with good memories of my GA days.

A couple of things to keep in mind: There will be nobody to fly the plane. Retirements will start cranking back up in 2012. Who will fly the plane? Zero to hero programs in the toilet, fewer military pilots and a gutted general aviation community doesn't produce the numbers required.