I found this recent article in Publisher's Weekly. I'm going to remain optimistic and veer on the side that even with the economy being what it is, people are still going to want to read good books. Be that as it may, it also stands to reason that fewer books may be published in the next couple of years and publishers will expect more from a manuscript.
So, if you're submitting manuscripts, polish those babies up and make sure they promise addictive eye candy to the reader. Just my two cents.