I was working in St Petersburg, Russia then, as I am today. I had no home internet so went into the office and followed it there, on my own. IIRC, we needed one of Pompey and Port Vale to drpop points (they were away to Bradford and Huddersfield respectively). Vale went two up early, but my memory is that we went one up while Pompey were still goalless at Valley Parade and we had two or three minutes where we were outside the drop zone in the 'as it stands' table. Then Pompey scored and that was pretty well that, even though we went on to win convincingly oursleves.
It's true that we'd all seen it coming, and it coukldn't have been clearer after the QPR game the previous week: when you go ahead in the first minute but relinquish the lead to THAT Pollock own goal and Margetson handing over the ball to allow the opposition to score a quick free kick, the signs point pretty definitively in only one direction. But it's like when a relative is desperately sick and you've been told to expect the worst. Somehow, there's still a small sliver of hope, and the death knell still then comes as a terrible shock. I remember buying a load of beers on the way home that night and sitting there, necking them in the dark, with the curtains closed and the lights off, until I attained a sufficient level of drunken numbness.
My memory is that over the next week or two, the mood among at least the nascent online City community became much more bullish. Yes, we'd gone down, but that meant the club couldn't duck just how bad things had become. We'd address the tough issues, renew ourselves and bounce back a leaner, fitter club. That mood persisted through the summer but didn't last long into the new campaign.
My memory is that the worst time, minutes 81 to 94 of the Gillingham play-off aside, was from October to December of 1998. We hadn't just dropped to those depths, but looked for all the world as if we belonged there. There was a series of goalless home performances (we lost to Preston, while Gillingham and Bristol Rovers each took a point that they celebrated as though they'd won the Champions League). At the time, I remember assistant manager Willie Donachie commenting on how poisonous the atmosphere around the club was becoming. But in the second half of the season, things clicked, we picked up momentum and the crowd was much more buoyant, those awful 13 minutes aside.
As it turned out, the club did return to the second tier as a stronger and more cohesive unit. The momentum that had started around Christmas 1998 was hastened by that incredible play-off escape and carried us forward to a second successive promotion. In short, and by the skin of our teeth, it all worked out pretty well as handsomely as we had any right to expect when looking forward on 3 May 1998. By Christ, it wasn't half a grim evening, though.