With the Dow in freefall and experts warning that we're in for a long, painful recession, consumers have already slammed on the brakes when it comes to gadgets. But what about you?

The New York Times reported earlier this week that consumer spending on gadgets plummeted 13.8 percent last month compared to September 2007 levels—the steepest drop since the survey began in 2003, and predictions are dire for the holidays.

Indeed, big electronics retailers are feeling the pinch. Circuit City is on the brink of bankruptcy, with its stock price sitting at just 38 cents Thursday afternoon; a year ago, shares of Circuit City were trading at more than $8.50.

Anyway, with the stock market crumbling and the prospect of the worst economic crisis since the Great Depression, it's little wonder the many consumers—that means us—are thinking twice about coughing up a few grand for a new MacBook.

It's not like there aren't plenty of enticing gadgets to choose from: Besides those shiny new MacBooks and MacBook Pros, we've got the T-Mobile G1 next week, the touchscreen BlackBerry Storm later this year, that new Slingbox PRO-HD and the upcoming Slingcatcher. Of course, plenty of kids (big and small) are still clamoring for next-gen gaming consoles, while the Blu-ray versions of  "Iron Man" and "The Dark Knight" practically cry out for a new HDTV, plus a Blu-ray deck to go with it.

But is now the time to throw down several C-notes on the latest tech toys? Personally, there's nothing I'd like more than, say, a new Slingbox or a spanking-new laptop. Given the stormy economy, however, I'm playing it safe—instead of pricey new gadgets, I'm planning on doubling-down on what I have: More Netflix and Gamefly rentals, more TV shows on my Apple TV, and maybe a new retail game or two (say, "Gears of War 2" and "Call of Duty: World at War").

So, my dear readers, I ask you: Will you be cutting back on your tech spending now that the economy's tanking? What's still on the list, and what are you sacrificing? Or are you feeling bullish, despite the endless bad news?

Related:
Gadgetry Takes a Hit as Nervous Consumers Plan for Lean Holidays [New York Times]