Twin Valley seems to be facing the same issues, however they are starting to eliminate some high school sports:
http://dailylocal.com/articles/2010/05/02/news/srv0000008166722.txt
I've also heard rumors that Unionville has Middle School sports on their possible cut list, as does Hempfield.
Edited to add:
Cuts at Kennett:
http://dailylocal.com/articles/2010/05/05/news/doc4be18f9d5f027663213282.txt
Easton:
http://www.lehighvalleylive.com/easton/index.ssf?/base/news-2/1271477177264540.xml&coll=3
Saucon Valley:
http://www.mcall.com/news/breaking/all-sauconvalley-0427,0,3734590.story
Downingtown:
http://www.dailylocal.com/articles/2010/04/16/news/srv0000008056193.txt
Spring Ford & Pottstown: (note the increase in the Special Education budget for Spring Ford vs. the increase in funding from the state.)
http://dailylocal.com/articles/2010/05/07/news/srv0000008215300.txt
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