I think it seems worse this time because we'd be dropping down to a level we've not been at for more than 20 years.
Previous relegations that I can remember were when we'd only been in the division we were relegated from for 1 or a few seasons.
The difference financially between the bottom 2 divisions didn't seem so much of an issue as it is between the championship and league 1 either.
The relegations from the premier league always seemed likely so, although disappointing, weren't devastating, and although the financial hit was significant, parachute payments should have given us an advantage over most championship teams. It's just a shame we pissed them up the wall.