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There's tons of work. I've freelanced with Ruby on Rails for a good chunk of the last few years, and I know at least half a dozen other freelancers who do Ruby, PHP, and Objective-C work as well. The hardest part, I think, is finding the work. It is indeed out there, but the signal to I-just-need-a-quick-wordpress-template-thrown-up noise ratio is small. One of the best avenues I've found for freelancing is to network with web development and creative agencies, do a little subcontracting for them, and then subsequently absorb some of the smaller projects they're approached with but are too small to be worth it for them.

Well, I've been freelancing for the better part of 15 years now. Mostly as a web developer.

There's a lot of work available - I did freelance PHP and other platform development during university. The issue is aligning customer expectations. "Make me a facebook for $200" etc.