I think professional photography is still a viable career if you do it for the love of the work. On the other hand the daily grind may well kill your passion for the medium. I know of a few photographers who are now enjoying photography for the first time in a long while after giving it up as a profession.

A must read article by Paul Indigo on whether professional photography is still a viable career? It has some great discussion going on, especially the part where he makes the distinction between an enthusiast and a pro.