Pay Cuts Instead of Layoffs, a wonderful idea??? NOT! I can understand putting up with a pay cut if the economy were such that it would be very hard to find a job, but otherwise, I'd start looking now, especially if you are in a business unit that has been cutting over the last two years here at Oracle.
Or, I guess if you think you will get a package, you could put up with a pay cut hoping the next thing will be a RIF????