mack - 3:22 pm on Nov 3, 2012 (gmt 0)
There is still money to be made, but do not build initially with the goal of making money. Build something that people will want to use, something that provides them with the content they need and something that will make them keep coming back.
As you get started it will be a learning experience, through time you will get to know what needs to be done to build users and traffic. It is at that point you can then think towards generating income.
If you go all out at the start with the intention of making money you will be diluting your efforts away from what the end user wants. Concentrate on the user, then when you feel the site is delivering what they need move towards monetizing it.