I upgraded to CRJ captain in February 2008. The financial world died in July of 2008. The airline furloughed and downgraded starting in September of 2008. I managed to hang on to the left seat by 3 numbers. Looking back, since I was at a regional, chasing the mythical 1000 TPIC, it was certainly a better thing for me to hold on to captain and be super junior (hurray for 10 days off a month with at least 12 days of airport reserve every month), than get downgraded and have "good" schedules as a senior FO. Of course, as it worked out, I didn't get hired anywhere else until I had about 3000 hours of TPIC, so whatever.
Now that I'm not chasing PIC time, I think I'd much rather get downgraded to senior FO and enjoy a good schedule than get stuck at the very bottom of a non moving Captain list.