I wasn't around then. As domainerin says, it is already happening. Domain values are down a lot over the last year, and there is a lot less liquidity in the market.
I don't think the slump will be as bad as back then though, because back then there wasn't really a way to make money on the internet and now there are proven business models for internet business.
Plus, a lot of today's most successful domainers got their start back then by buying up cheap domains that no one else wanted any more. Hopefully domainers of today who make it through the current slump will be just as successful.