At the moment I'm not sure what the community at large will do. MtGox obviously used to have a lot of trust from the community, and it's not hard, maybe understandable, to accidentally leave a small security hole in your system. However, at least one accusation has been brought against MtGox . And I completely agree with knivesngunz  when he says it is better for the bitcoin economy to have no centralized place of failure.
I personally will be sticking to doing my trading at #bitcoin-otc . I trust the web of trust much more than a server run by people I don't know dealing with an unknown number of attempted hacks per day.
To be honest I'm disgusted by the number of people who are panicked over this hack. Yes, I'm sorry you might have lost money (time will tell with the rollback), however did you really have all your money tied up in day trading? Do you use none of your coins for contributing to the economy AT ALL? Let's not create the world's biggest ponzai scheme, only for it to all come crashing down later. We have a chance to make the world a better place, to make anonymity and freedom a little bit easier. Please talk to your local businesses or friends, make bitcoins your default action for any transaction, and start offering  services , no matter how trivial.
(Ignore the weasel words in this post. They are a mockery, he is clearly accusing MtGox of fowl play here.)
(Disclosure, I have 1BTC tied up in MtGox)