I am sure many people are facing the same/similar situation like mine. I got my H1B approved last year and was working on it till Jan 09. Now I am not having job and my employer is telling me that they could no longer keep my H1B. I don't want to go back home now and would like stay in US in legal status.
I did some research and found out a means to stay in legal status and without affecting my H1B, i.e. H1B to F1 or F2 and then back to H1B (amendment).
I want to change my status to either F1 or F2 from H1B now. I will keep looking for job and once I find a job my previous employer will file H1B amendment. Once it is approved I can work on H1B. This doesn't affect my current H1B. But the time I spend on F1 or F2 will be subtracted from my total 6 years of H1B period.

I don't know if this is correct (it looks like it is) but it is then it is the coolest thing I can do now to remain safe on this job crisis without affecting my current H1B.

I know many people are is same situation now. This will help lot of us. Let us do some more research on it..
Cheers! if this helps you.
Thanks

I don't think your time on other visa will be subtracted from H1B. I have read this somewhere, could not recall where. Checkout murthy.com article or forum.

yeah I am not sure but I heard the same but your time wont be subtracted from H1b. Try to find some valid source and let me know also

It doesn't matter whether the F1/F2 period will be deducted from the H1B period or not but what I am more concerned is whether it is possible to change the status from H1B to F1/F2 and then back to H1B again.

Any reliable source will be highly appreciated.

Per information, as far I know, it can be changed from H1-F1/F2 to H1. However, the filing company must furnish strong letter with additional attestation and reason. Though it's very tough and normally goes to audit.