Aiming too low

I received a response from an application this morning, which was encouraging in that it wasn't an outright rejection. Ahh, simple pleasures. The problem is that the recruiter immediately called out the fact that I seemed overqualified and asked if I would be open to a salary & bonus that is almost 50% lower than what I make now. Ugh. Tough one. The job description sounds pretty good, the company is growing, and it would allow me to move into a more online-focused position, which are all good. What's not that great is that it's still a psuedo financial services role, but with a stronger online marketing focus. Tough one. Given the market, I'm inclined to pursue a meeting, but at what point do you hold out for something better? If I had a better gauge of what the market would look like in 3 months, I would be able to make a more informed decision, but now I feel as if I'm stumbling in the dark.