is coding still profitable?

Hey,

It's been a while since I coded anything for money, and I actually stopped because it was getting so cheap. Everyone offers coding for 20$, and I don't think that's worth my time. However, I'd like to make some money during this winter so I thought I should try relaunching xhtmlcode.com

Do you guys think it's worth the time?
Any of you still able to find clients that are willing to pay 'normal' prices to get something done?

I'm also a PHP/Java programmer, but I don't want to work on large projects because I'm still studying, so I'd like to stick to coding for a while longer.

Any thoughts?