Last
      week, (early September), nine people, including the pilot, were believed to have been killed
      in the plane while it made a flight at 25,000 feet across Australia from Perth, until
      it ran out of fuel and crashed 3200 km away on the shores of the Gulf of
      Capentaria in Queensland.  The circumstances of the accident appear
      to be similar to the crash of the Lear Jet which took the life of the
      famous golfer, Payne Stewart in the United States a few months ago. Although
      there are no official confirmation of the cause from the Civil Aviation
      Authority until it has completed the investigation, a likely scenario
      would be a slow depressurization of the aircraft cockpit and cabin. 
      This will consequently result in hypoxia - a lack of oxygen in the blood. 
Can
      you recognize hypoxia ?  The answer is no.. you may become euphoric (happy) and gradually loose consciousness.  Can you feel the
      depressurization ?  The answer is yes.. if it is a rapid
      depressurization because your ears will pop out !  If the
      depressurization is very slow, then you may not be aware unless you look
      at the cabin altitude indicator.  All modern aircraft, including the
      Boeing 777, has a cabin warning system, in the form of a warning horn,
      that sounds in the cockpit when the cabin altitude exceeds 10,000 feet.
          
 If
      the cabin in the aircraft  continues to depressurize to above 13,500
      feet, the passenger oxygen masks automatically deploy and a pre-recorded
      emergency announcement activates.  (Now you know why you have to pay
      careful attention to the emergency briefings every time you fly !
      ).   In the Boeing 777, up to about  43,000 feet, the
      aircraft can still maintain a comfortable cabin altitude of 8000
      feet. 
Airline
      pilots have been trained and tested regularly on depressurization
      procedures.  Amongst other steps, they have been trained to don their
      oxygen masks immediately and descent to 10,000 subject to terrain
      clearance.  If you are sitting quietly, your time of useful
      consciousness will be 30 seconds at 40,000 feet, 75 seconds at 30,000 feet
      and three minutes at 25,000 feet. This is the period between the
      individual being deprived of his oxygen supply and becoming so affected by
      hypoxia that he is unable to cope with an emergency. 
Note:
      
This is a personal view. Kindly refer to my  Disclaimer
The
      above answer partly arose from a question by Daniel McAloon from Perth,
      Australia. (he asked me about pressurization problems just days before the King Air tragedy)