Two weeks ago I booked a flight on Delta from Newark to Key West for May '08 which came to $405.61 total for the round trip. Continental was almost $100.00 more. I generally jump on a flight which is about $400.00 or less and which has convenient departure and arrival times. Now this flight is about $15.00 more and with what I've been hearing about the price of crude oil it doesn't seem likely to me that airfare will come down.
This is a big generalization or guess or what have you, but if you are planning on flying into Key West in the next six months or so, you might want to book now and relax.