Looking back on my own personal experience, here's a rough timeline...
October 31, 2007: Investible Assets hit an all time high
December 31, 2007: down about 2-3% from that high.
Sometime over the summer of 2008: almost back to the 12/31/07 total, although that was partly because of additional investments.
August 2008: down about 12% from that 10/31/07 high. Actual rate-of-return loss was a bit worse, because of additional investments.
Sept/Oct/Nov 2008: Nothing but downward slide, bottoming out around Thanksgiving, maybe 44% off of that August number. About 50% of the 10/31/07 peak. Probably down more like 53-55%, return only.
12/31/08: finished the year with a bounce back of about 23% off of that November low.
January 2009: at some point during the month, peaked out about 30% off that November low.
3/9/09: knocked back down to that November low.
From there, it was nothing but up. By November 2009, my investible assets were at a new all-time high. Once you factor in additional investments during that period, I'd say I was "made whole" sometime in early 2010.
However, at some point in 2010, the market did have a bit of an aftershock. I seem to recall February 2010 being a bad month, and most of the summer of 2010 was bad. But then, in the fall the market took off again.
FWIW, as the market strains to new highs now, I am cashing out a little bit, here and there. Nothing huge. Now, if my asset allocation got too out of whack, I might rebalance, but so far it's fairly on course.