I too am working my way out, part way. In this downturn my employer has started part time lines that would actually not be too bad. As long as they continue the part time lines I am thinking about sticking around. I am working on a side career that can also be done while on the road. Hopefully my pipe-dream pans out.
A lot of my coworkers are also looking for an out. The two guys I went through training with are applying to schools for a new career.
If the current horrible quality of life with the constant pressure to take pay cuts was only temporary, I would consider it a sacrifice for the short term. However, I too fear the current crop of managers will persist on this path and I am not willing to put up with it.
For everyone looking to get out, good luck with your new career choices.