This sucks for Canada. Less than five years ago RIM/BlackBerry's share prices were trading at ~$150, now it's $10! I can see this depressing Canadian start-ups and its tech industry. Like Kodak, the main reasons for BB's downfall was their own human mistakes - complacency, hubris, and arrogance.
Actually if you look at the Nokia example, quite the opposite can happen. A large, prominent, "national champion" company absorbs a huge amount of talent. As Nokia has downsized thousands of workers, they released thousands of entrepreneurs and engineers into the Finnish startup ecosystem. It's exciting times in Helsinki nowadays. The same could happen in Waterloo, and in Canada as a whole.