The reality is that the industry IS depressed, somewhat. There ARE pilots out there with thousands of hours working as flight instructors. But the reality is also that NOTHING is permanent. Industries dont stay depressed forever--they tend to be cyclical (unless you were just getting into the horse and buggy business around 1910). And frankly, I don't think it's as bad as the press makes it out to be... the regionals are seeing steady growth, corporate and cargo are both solid, and the majors are beginning to recall their furloughs.
I would much rather be ready to go when it turns around than to wait for it to get hot and then spend a few years preparing to enter it. Buy low, sell high--right?
And just because there are already qualified pilots ahead of you is no reason to stay out. Why bother going to college to be a ___ if there are already a number of qualified ____ out there.
The fact is you WILL pay your dues in aviation. The biggest question for someone in their 30's is, are you ok with that? There are and will be flying jobs.
As for me, Im 31, and started ATP's career pilot program in January. I have a wife and a mortgage and walked away from a very well paying job to do this--it's what I want to do with my life and luckily, my wife is behind me. You'll find that there are a LOT of people at ATP in similar circumstances. Im not sure what the average age of career pilot students at ATP is, but I'd be willing to bet it's pushing 30.
Good luck,
Jeremy