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Is freelancing a good option in this recession time? if Yes why and if no Why?

Many lost their jobs because of recession. Now job market is little better in many countries. At this point, i want to know whether freelancing profession in any industry is a good idea or not. My main motto is to know pros and cons of freelancing. Thank you all in advance.

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    Apr 20 2011: I agree with Sargis, yes if you know your way around. As a ten year vet in the web design industry, designers need to pay more attention to the business side of things right now. If you don't know/understand/stick by proper contracts, you can leave a huge amount of money on the table or worse yet, leave yourself open to be screwed. You gotta have some business savvy, I completely agree!
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    Apr 6 2011: I'm a freelancer and I think it's a great option if you know your way around, especially if you're in graphic/web design.
  • Apr 5 2011: Read some Robert Kiyosaki and enjoy the possibilities!