My take.
In my opinion, any career, is what you make of it. No career comes with guarantees. No career can guarantee security, a large pay check, or that you will move to the upper tiers of that field. Many like to assume that careers outside of aviation automatically pay more, than being an airline pilot, or that they offer more stability, and less BS, if you will, than the airline industry. That can be true, in some cases, but certainly not the majority. Truth be told, only about 5% of American workers make six figures. While it is possible, no career can guarantee you a large pay check, and realistically, you don't have a better chance of making significantly more money outside of aviation, than being an airline pilot, if six figures is your mark.
I wondered on to a message board yesterday, that was basically just like this one, but a networking site for people going into medical careers, i.e, doctors, nurses, pharmacists. On several occassions I has to stop myself, and make sure I wasn't in an aviation message board. Everything they said, about their careers, their pay, etc., was exactly what gets said in these boards. The grass isn't greener. One guy said it wasn't worth it to become a doctor, because he had spent 10 years in school, near $300K in debt, and was making $35K-$55K as a new resident, and that he wouldn't make over $150K. Many others had the same gripes. They were all talking about the "decline" of the medical profession, overall, it was highly reminiscent of what you read on aviation message boards. It isn't really better, anywhere else.
I think that pay will go back up. It may not reach the level that some people think it should, i.e., counting inflation a wide body captain should be making $500K. But, I do think it will go back up. I think we will see that, in the next few years, as legacy contracts become ammendable. In many ways, regional pay has gone up, and hopefully that will be a trend.
Competition is fierce, in any career. I was looking through Forbe Magazine's top 100 companies to work for, in 2007. Of just the top 10 companies, they had about 140 applicants per job. As far as salary, the most common salaried job held by these companies, was less than six figures, on average, and not an unatainable salary for a regional captain. I am not trying to get into a pay argument here, but I just think too many people assume that outside of aviation, it is easy to make money, when it is not. Of the 2 people I know, making six figures, they worked for MANY years to reach that, and worked VERY hard to reach it. With their increased salary, they have more responsibility, work longer hours, and honestly, do not care for their jobs.
Obviously the life style of being an airline pilot, is not for everybody. It isn't a normal 9-5 job. BUT, I think it is important for people to do what they love. Going into ANY career field, for money, or prestige, is the wrong thing to do, and almost always leads to people being unhappy. Of those 5% of American workers making six figures, I'd be willing to bet that some would gladly give up that sixth figure, to have a job that they liked going to a little more.
I guess what I am saying, is if you want to be a pilot, than be a pilot. Only you can answer for yourself whether or not it is worth it, or is a good career. There will always be at least 10%, or so, of people, in any career, who don't like it. Listen to their advice, but don't allow the nay sayers to make your decision for you. You can have just as a succesful, and prosperous of a career, as an airline pilot, as with any career. All careers have ups, and downs, so just do what you love, and money, etc., will follow.
Hell, even the Parisians at CDG treat you somewhat like royalty. Not that I need that, it's just an interesting observation.
... But its doable.. and its worth it.. Its all about patience! 
