I respect anyone who can go into this industry willingly. It seems like gambling with your life.
I've been through these situations twice now.
We make games and I have been fortunate to have worked with some incredibly talented individuals. I don't regret any of it.
When I first heard that I can make a career out of video games; you can be damn sure I never imagined getting half this far. Even though I've been with 4 studios in the last decade and will likely see the same chaos going forward; it's given me an incredible opportunity to connect with some truly fascinating people. Even during the worst of times (crunch); the people kept me going. I wouldn't trade this to work at a bank.
These individuals will land on their feet very quickly; especially as the exploding mobile scene continues to push further and require some more intense depth to their games. You're already seeing more animators, 3d artists, designers, etc. joining the mobile scene. The video game industry is expanding; even if some of the "big" studios were not easily maintainable. A decade ago my options were limited; but now I'm confident I can land more than a handful of jobs within a week.
It will suck for a few weeks. Give it time and they will all look back at their time at Irrational as being something they wouldn't have traded for anything.
Well... unless something really rotten was going on over there; but that's doubtful. ;P