No better or worse than before, IMO. It's a pendulum that keeps swinging back and forth. Cost cutting leads to outsourcing, which leads to reduced quality and or output, which leads to people coming in to grow and revamp, which comes back to hiring local, rinse and repeat.

I'm mostly convinced great and established software engineers around the world already do well for themselves. If you're cheaping out on salaries, here or abroad, you're likely not getting anything good.

I'd much, much, much rather have one proficient, in my timezone developer at 200k than 4 offshored developers at 50k.