re: The writing on the wall... "going down with the ship"

Happened to me as well, twice.
I was on the hunt for new opportunities and got canned before I could make the move. I got a severance package, but it sucked.

The first time, the facility I worked at announced they were closing and provided a time frame. They also told each employee individually when there separation date would be. Some were walked immediately, some would be let go in phases as everything shut down. Just over 600 people, I was in the very last group of 12. So I had plenty of time to prepare myself and schedule interviews.
Well I scored a job and had my start date set to start a week after I left, that way I could collect my separation package. I walked out of there with a check for just over 6 months salary, took a week off, and started a new job with a $15k increase. Couldn't have worked out better for me.

Play your cards right, start looking. You may find something that will make the decision easy for you. Either way, in this economy, I'd never suggest riding out a sinking ship. Bail on your first opportunity.