I thought of a few things listening to this cast.
First, the HBS club of NY calculates that professionals in transition search for about one month for every $10,000 in salary. So if you make 95,000 a year, expect your search to take 10 months. Your cash cushion should cover your expected time to search.
Second, the unexpected can set you back. Last time I was in transition, I took 8 weeks to get some family situation stuff in order (long story) and then went back into the job search in earnest. My first interview was in Manhattan on the morning of Sept 11, 2001. It was many months before positions re-opened and I could really get back into my search.
And if you do want a home equity line of credit to fall back on, remember that they won't give you one if you're not working. So you have to have that lined up before you need it.