Don't quote me on any of this.

I believe you can roll over into any qualified IRA. I'd choose one that's controlled by me rather than an employer, though you'll likely get a pitch from your next employer's IRA administrator to consolidate to them. It's convenient for them, but not you. If you change employers regularly (and this is relatively likely these days), I'd just as soon pool things into one account that more or less stays pat.

Your current administrator may or may not continue to maintain your account after your employment terminates. You'll have to check with them for specifics. If it's an institutional provider (eg: Schwab, T. Rowe Price, Vanguard, etc.), you likely can convert to a personal IRA account.

Your best bet is to discuss this with your current administrator or one of the major investment brokers. A Google search, as usual, is your friend, try [link|http://www.google.com/search?q=ira+rollover+layoff&btnG=Google+Search&hl=en|ira rollover layoff]. The first couple of results there look promising.

IANAFA, TINFA