If an employee quits due to a reduction in salary (not hours) is he eligible for cobra?

Any employee who terminates is eligible.

I believe this is valid only if you hand in a 2 week notice or better...

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When you leave a job they are required to offer you COBRA... this is something you would have to pay for to keep your insurance... when I quit my job early June I was covered up until the first day of July and then it was up to me to get COBRA or just have no insurance for me an my family.. each job is different and you might be able to work something out with your HR dept.but my advice is to find another job 1st that offers health ins. And then make the switch.

There are certain qualifying events that must be met like reduction in hours but not for reduction in salary. However, anyone who quits or is fired, except for gross misconduct, is eligible. Here a quote from my manual,"The qualifying event requirement is satisfied if the event is (1) the death of a covered employee; (2) the termination (other than by reason of the employee's gross misconduct), or a reduction of hours, of a covered employee's employment; (3) the divorce or legal separation of a covered employee from the employee's spouse; (4) a covered employee becoming entitled to Medicare benefits under Title XVIII of the Social Security Act; or (5) a dependent child ceasing to be a dependent child of the covered employee under the generally applicable requirements of the plan and a loss of coverage occurs."

Yes you should

COBRA Insurance

COBRA eligibility depends on the size of the company and/or the state the company is based in.
COBRA is a federal regulation for companies with 20 or more FTE employees. Many states have adopted similar regs for groups of 2-19. Meeting one of those criteria anyone losing coverage is eligible for COBRA. With the exception for gross misconduct.
While you probably will be eligible for COBRA you will not be eligible for the 65% ARRA premium assistance for COBRA benefits.