This is really interesting. So, you are basically saying if you want to work on interesting projects, your options are:

   * join a team (as a contractor or as an employee, and take the rate cut)
   * build a team (and move from development to project management, at least part of the time)
   * become a 'name' in an area and become a true consultant--specialize, but don't pick the wrong area, or if you do, be prepared to switch gears.  (You didn't have this, but I've seen this work as well.)