I did not do anything with my 401k when I left my old employer about one year ago. The past year was also a year of hugh up and downs. I managed not to do anything with it in the past year: no re-balance, no jump in and jump out, no rollover to IRA, and no withdrawl either. Here is the record in past year.
10-09-2008 to 10-08-2009: +16.90%
03-09-2009 to 10-08-2009: +65.80%
01-01-2009 to 10-08-2009: +26.10%
Current asset allocation (100% equity)
39% US large cap, 23% US small cap, 30% Non-US developed market, 5% Non-US emerging market, 3% company stock.