It's going to go up. Med school applications generally go up after recessions with a lag period of several years (the amount of time needed to fulfill all your pre-req's). With the downward dip in finance and banking, the same group of talented and bright individuals no longer have a quick and easy avenue for $$ as they do in the past. They then gravitate towards the other large professions for the stability as well as a sizeable income.
The confounding factor to this is the health care reform and its effect on doctors. However, no one knows exactly what the trickle-down effects will be, so its effects are still latent as of now.
