It hasn't chilled us really. Pathfinder is keeping my gaming group's enthusiasm for 3.5e alive and well, though most people certainly aren't buying anything 3.5e at full price when people are dumping their loads at Half Price Books already. In fact, with the sales and whatnot (like the Green Ronin sale) some people are "stocking up". And, to be fair, I don't know anyone in my group that bought anything since Bo9S (don't get me wrong, we all liked Bo9S, it's just that everything else has seemed "blah" for a while. And now post announcement, the Rules Compendium was underwhelming, and of course there's no reason to buy 4e preview books when you can read all about it on ENWorld.)
It is a hard time for game retailers; I spoke to the owner of my FLGS and he said that the period from the announcement to 4e coming out is sucking on ice. I don't think they should have delayed the announcement, however - in fact they were a little shady in how they kept saying "4e? No plans for it!" publicly until right before the announcement. People deserve to know, and the backlash would have been 100% more if they had stealthed it (especially because that doesn't work any more in the Internet age - someone would leak something).