If we are indeed headed into recession, then that will give the smart CIO's I talk to a chance to hunker down and get stuff done.
One question I can't help but think of lately is have things shifted from compliance to Virtualization and that is the new must have Budget Item?
Is Virtualization where the budgets are?
It makes sense to at least explore it, but remember it's a new product set, new investments, new expertise, etc. so crunch the numbers on your own first.