One thing is for sure, its not stable employment. You might be at a point where you are making a comfortable living one day, and wake up to find your job is now in India the next.
I was in the web development business, freelance, starting in 1997. I still do a few side jobs, but this is exactly what happened to my business. Why is someone going to pay me $35 to $75/hour for my expertise when they can get their whole site built offshore for $150 total? True it will look like crap (compared to my high standards) and forget about getting support, but in this economy, price alone dictates who gets the job. The other competition was high school or college kids with Dreamweaver (probably warez sourced) offering the same services on Craigslist in exchange for what is essentially beer money. A buddy of mine took a unique approach: he remained competitive by offshoring the grunt work (which I admit is tedious, and my least favorite part of the job), but gave the client the package deal with his own marketing, business and SEO background.
The few good clients I have left know what I bring to the table: 25+ years business and marketing experience, attention to detail, and support when they need it. Would I recommend anyone else get into web development? Not in this day and age. If I were to do it again, I'd probably outsource the programming to those who keep up with it: being only one person, I'm only able to keep up with PHP and SQL, but still have to "borrow" a lot of the JavaScript and AJAX code I want to use. The big firms that build sites these days likely have programmers who specialize in just a couple of specific areas, and can afford to work on multiple projects. For me, I'm one person...every day I'm trying to make a sale, I'm losing a day's worth of development work. Can't afford to hire anyone, and there aren't many out there I'd trust to assist me. (The ones I do trust have full time jobs elsewhere, for a
real company.)
These days, any new projects I do are more as an enabler: I will set up a site with a forum, or a blog, or a CMS, and restyle it to their specifications. I no longer write anything from the ground up. I'm essentially out of the whole development/programming business. I'm "retooling" by going after what our school calls a "Business Information Technology" degree, something more flexible where I can apply myself and adapt as the I.T. world changes. I still dabble in my pet web projects, and administer several forums, but I won't ever do this for a living again.