One interesting aspect of this whole ordeal is the fact that, thus far, exchanges' prices have depended on each other. That is, a huge sell order on Bitstamp will more or less immediately affect the price on BTC-E, MtGox, etc. (The exception seems to be Coinbase, which seems to use some kind of exponential weighted averaging, but even Coinbase will get dragged down if the price drop is dramatic enough.)
If people lose all confidence in Gox, but still retain faith in other exchanges, then that means we're going to witness MtGox's price drop while the other exchanges' prices rise. However, this becomes an economic opportunity for anyone who wants to do arbitrage between exchanges. Therefore it seems like the prices won't ever diverge too much.
The conclusion, it seems, is that no matter how bad one exchange is, it will simply drag the overall price of Bitcoin down across all exchanges rather than suffer punishment as an individual company. The fact that arbitrage is doable seems to give MtGox some insulation from consumer outrage.
This poses a question: Is it true that as long as an exchange keeps functioning, then it's "here to stay" no matter how badly they behave? Is there any way that an exchange could go out of business from nothing more than consumers losing faith that one exchange?