I still believe there will be a delayed effect. People who already had vacations booked and paid for and may be spooked by and not directly affected (i.e. lost jobs, etc.) are likely to still do so, but as has been mentioned advanced bookings going forward are down since people are less likely to book for the future.
DVC members at the parks are also likely to remain somewhat constant - their lodging is already paid for, and to a certain extent they need to use their points or lose them. They can push it off for a bit (which actually could create a booking crunch when things get better).
You need to wait longer than the week after the holidays to start picking up on a perceivable difference. This Spring should be interesting, depending how "successful" the 4/3 program is, plus any other discounts they may offer (AP discounts still haven't opened up yet).
Now, once the direct impact hits, Disney could if it so chooses concentrate guests in ways to give the appearance that it is still busy. I'm not sure of the advantage of doing so myself...
And don't forget that crowd levels are a subjective measure...