Is it worth it?
Only the individual asking asking the question can answer that.
I am amazed at the number of people who loiter on these forums simply to wring their hands with tales of woe. This has never been an easy profession to embark on, and in that respect it is little different now. As with almost every industry there has been an evolution, and success (or survival) often depends on an ability to adapt to that evolution.
Trainee pilots are still gaining employment even in these difficult economic times. I know, because I see it happening. The process by which success is likely has most definetaly evolved, and a great many people wallow in their own denial for whatever reason, but I would say for those with resource, ability, maturity, and luck, then yes it is most certainly "worth it."
I have been very lucky, in that aviation has provided me with a continuous, well paid, interesting, and structured career for the last three and a half decades. I am far from unique in that respect. I see no reason for aviation not to continue to do that for people starting off on a similar path today. Certainly, many aspects of the industry have changed but that is equally true in most other industries.
The risks and challenges are not for the faint hearted, nor are they for the daydreamers, lazy, or the under researched. Forums such as this one invite many of the latter groups to take up residence and that is the nature of the beast. However for those with the real determination and ability and resource, I would say it is most definetaly worth it.