It has been this way for months now. I didn't notice it before, but one day it got loose, and came out of the front console. As far as I can tell, there's nothing broken on the tray or the console enclosure. I can pop it right in, and it locks up tight in the closed position. Once I pull it down in the open position, it acts like it's balanced on a knife edge. If I 'm not careful it can easily come out again. Any ideas?

Mine does the exact same thing, it's because either the coin box, or the console tabs are worn out. You could fix this by either going to a junkyard, or ordering a new one from Toyota, and see if it corrects the problem, if not, then you'll have to replace the panel.