One of my favorite websites Gawker ("Today's Gossip is Tomorrow's News") posted an obituary for the McMansion. Once a symbol of American decadence and excess, the McMansion is now nothing more than brothels, pot farms or remnant of faux suburban paradise.
According to the Wall St Journal, buyers are finally realizing they don't freakin' need a room for every single purpose. It's like the kitchen. How many darn kitchen appliances do you really need!? Some people's kitchens cabinets are stuff to the max with tools. And it's just for the sake of having them...not using them. Buyers see now that rooms can be multi-purpose (gee, that's a novel idea!). This explains why I'm seeing a new design trend: open flexible floor plans where the common area & kitchen blend together.
Like I always say, "It is not Down Sizing, It is Right Sizing!"
PS: Check out this spot-on blog McMansion Makeover. Hilarious stuff!