Interesting perspective from a small iOS/Ruby development shop:

So you guys are rolling in money right?

No. In fact we’ve been losing money for the last 6 months. By losing money, I mean literally every month the amount of money in our bank account has been going down. Before we got featured by Google on the Android market place, we were about a month away from having no money whatsoever. I’ve talked to many indie developers in Australia, and they are universally in the same boat. Some have taken on client work to try and fill the gap, others are working from home trying to minimise every expense they have. And I’m talking about the successful ones, the companies with great apps that have done well.