Times are always "a-changing" but we are in the middle (or tail end) of big change with respect to digital/technology service-oriented companies.
I know from personal experience that this is a hot topic of debate. Companies, from sound effects library companies to audio post production have reluctantly been forced to slash prices in order to remain competitive. I myself have tried to respect my own time by standing by my rates and lost numerous projects because of it - someone will always do it cheaper.
Though I'm interested mainly in audio companies/freelancers, I think this question can be applied to any branch of the industry (animation/web design/games etc). The questions is, how do we deal with the low barrier to entry for people offering audio services - due mainly to the democratization of technology (i.e. you can run a robust Pro Tools system on your laptop for a few hundred dollars compared to ten years ago when you needed $10k to run PTHD with hardware).
Audio professionals are fighting an uphill battle against lower budgets and low barrier to entry for competition. There are few clients who still offer the budgets of the past.
Is it possible, however, that though rates have been decreasing, there is more work? Smaller companies who were not able to afford video marketing etc. now can; there is an entire new advertising platform (the web) that simply didn't exist a decade ago.
If you stand by your rates so as not to devalue your skills or product, are you helping the industry or hurting yourself? Are our standards lowered when it comes to art, music, media... is the "good enough revolution" inevitable? And if so, is that a problem?
In 1995, Steve Jobs said in an interview, "...the way we're going to ratchet up our species is to take the best and to spread it around to everybody so that everybody grows up with better things…" It feels unfortunate to the professionals who are impacted the most from this; I have friends who used to make a secure living who are out of work after their studios went out of business. However, I think there is as much if not more opportunity. The budgets may be lower, true. Perhaps if this work doesn't promise the salary one needs a change in career may be the best answer.