I’ve only noticed (2) recent changes:

1. It appears that Standard Pacific has stopped building in Wolf Creek.

2. The hospital project is definitely stalled:

http://nctimes.com/articles/2009/07/28/news/californian/temecula/z644ea748b24765a58825760200067920.txt

I have not heard of any projects being demolished – even Summer’s Place (corner of Margarita and Temecula Parkway) is still standing.

Unfortunately lot’s of businesses still closing though.