I already pushed back one R1 application and am still undecided on a few R2 schools I may or may not apply to.
Admissions411 is showing a HUGE drop in numbers but that is not a good indication. This board seems to be as busy if not more, while businessweek seems slower.
I think applications will be up but with the visa issues last year I wouldn't be surprised if international applications were down. Also the stockmarket and economy as a whole being unstable may change things dramatically. If a huge number of layoffs in the next month or people fearing that may cause a spike R2 applications. I would bet it will be up again, maybe not by the percentages that were seen last year but most schools will be up. Of course you will get the rankings bump at some schools, Chicago will probably have one of the greatest leaps due to its upward momentum lately.