I was checking dec flights from Cleveland non stop, preferring Continental. the rates were over $400 for what seemed like an eternity.
this past Friday I checked and they were about $230.
Much better! Our dates our 12/10 with return on 12/24 Christmas Eve!
So yes, (IMO) I think it can be ok to wait for rates to drop, especially with back up plans such as a different airport, or flexibility on dates/time of day, or flight with connections, etc.