My wife and I own two undeveloped acres of land in North Central Florida.
In light of the current economic meltdown, we were wondering if we should sell the land NOW, before it's worth becomes almost nil.

What are you owning the land for ? What was the reason you bought it to start with.

They are not making any more land, what has happened now is a balancing of values, loans were too easy to get and people who had no business borrowing money was allowed to.

So after the balance, it will start back up again. So if you are looking long term, 5 or more years, it will go back up, if you need the money in the next couple of years, now would be OK.