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You my friend are most likely out of luck. Unfortunately your fate rests on an appraisal that as you said, probably won't meet your 80/20 needs to drop your pmi. A good customer who pays on time and pays down extra principal with each payment will probably get bit in the as* by the current housing market. Rather than throw $350-$500 out the window on a reappraisal, I would wait another 6 months to see if there is a slight bump in the market, it will also knock another 6+ months of payments off your nut.
If you have a few extra bucks or don't mind gambling and really want to see what your house appraises at go for it. Heck I have seen crazier things, you just might get lucky.
On a side note, you could spend a few hours and do your own comps to get an idea as to what it might come back at. Use all the free real estate listing sites out there and do your own comparisons. Do a search within 5 miles of your home with similiar square footages, same # of bedrooms, bathrooms etc and see what like 2 familys have sold at. Might give you an idea...
Good luck.
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