Watching mtgox fade a way will be even more painful to watch than the grind down into the 40s.
Actually most people (including me) think it's good if Mtgox loses market share.
A grind down to $40 would be kinda painful to watch, but I would wait it out anyway and/or try to aquire more coins *shrug*
It all depends on whenever you believe their explanation, I don't really like to make up reasons of why they having problems, but their "overloading their bank" makes no sense.