Two weeks ago (8/28/2008) I posted a live trade:
RUT Nov 620/630 put; 810/820 call iron condor for a cash credit of $3.15.
RUT was trading near 738.
Today (10am Central Time), RUT is 719 and the mid-point between the bid and ask prices is $2.85. The underlying has declined by more than 2%, and all is well with this position. There is no reason to do anything but continue to hold.