I completely agree with Scary Larry, the web is the future. Over the next 2-3 years you're going to see web video, TV, iPods and even mobile video (on cell phones) come together in a big way. A lot of innovative stuff is coming out in the next year that's going to totally transform the TV and film business. It's already started with things like the iTunes Store and TiVo.
Web video is so hot right now that I think anyone that can come up with a truly innovative, entertaining series could make it work financially within 6 months. People are already doing this - I heard Ask A Ninja turned down an offer from Yahoo for $2000 a show. The LoneyGirl people are reportedly making about $10,000 a month through Revver. Right now web video advertising is maxed out and advertisers want to find innovative stuff. The hard part is coming up with something that's really good and really entertaining.
I liked what Phantom said about working in the business vs. working on the business. The business model in entertainment may be changing, but show business is no different now than it was 100 years ago and it will still be the same 100 years from now. It all comes down to creating shows people want to watch. If you have thousands of people watching your show on the web there are ways to monetize it. The trick is to first making something thousands of people want to watch.
If you figure out how to do that consistently you'll be a millionaire.