I am mining. Got two 5870s running 24/7 using free electricity!
I just started mining too (with two 5830s), but have to pay for electricity :-(
Even so, imho it's still worth mining - at least for me I can always use the equipment for actual graphics work.
I've also ascribed to having multiple sources of income. At one point, all my little streams of income amounted to a decent monthly income. It's surprising how $100-450/month on multiple monthly incomes really add up.
I opted out of corp/mainstream work and lifestyle a while ago and have never regretted it. Bitcoin mining is just another (little) stream for now.