Ugh. I remember the 1-2 cent per word days. But I don't write that cheaply anymore.
I wrote about 15,000 words yesterday, which is pretty typical for me. So even at 1 cent a word, I did ok. But now I have a good portfolio and solid repeat clients who pay decently and respect what I do. Maybe my experience is atypical, but I've found that if you stick with it, you can make a decent living. Though maybe not at a content mill...