I've been through far too many of them it seems - comes from working in the computer industry for so long I suppose. I understand why they happen. I even (sort of) understand the rationale for "springing" it on people en masse with no warning and no time to prepare, but it's still just unpleasant all around.
The good news, I suppose, is that the game industry seems to be in a hiring mood in general. Or at least it seems to be based on how many recruiter calls I (and others) seem to get these days. At least the people leaving should pretty easily find more jobs.
But still.
It's a terrible thing.