I think domains will grow, rather than fall, in value as a result of the recession. Here is my reasoning:
All recessions are caused by over accumulation of capital - meaning that the mass of profit made each year reaches a level at which it can not find profitable investment in production. This causes a crisis of credit. As people don't want to invest in production but have money they need to put somewhere (so inflation doesn't devalue their wealth) they seek to put it into commondities that will not deminish in value. Gold is the traditional commodity, oil seems to be one this time round too. Domains are similar - they are not in themselves productive, they are only used in part of the productive and distributive process in capitalism. Their value to the productive process won't fall as long as the internet remains, even if end users do not need them in the productive process. This will increase the number of speculators into domains that were previously in stock markets. Furthermore companies often try to market more, not less, during recessions - this could cause end user sales to stay at current levels or even get higher.
If anyone wants to understand how the economy works I highly highly highly recommend watching the video lectures on Capital by David Harvey on his website at
www.davidharvey.org. I think theres about 25 hours of lectures, but they are well worth watching for understanding the economy and thus protecting your investments.