Unless someone else is paying, don't do it
I have two very close family members that are successful actors/producers. I know well the finances and chances of success for low budget, indy (not to be confused with low budget), and mega blockbuster (Blood Diamond, Traffic, Last Samurai, Legends of the Fall).
If you can have fun with a project on someone else's dime then go for it. If you plan on investing your life savings and expect to make money on distribution deals, don't do it.
I see here a lot of talk about horror films. A bunch of my friends and family have done well with low-budget gore flicks that go straight to DVD and get distributed overseas.
Having been on a couple of sets I can tell you that the most important part is getting a crew together that will not waste your money (yours, or investors). Amateurs waste so much time(=money) that projects have no chance of recouping costs. As someone else mentioned, straight to DVD is not necessarily bad. The key, as always, is keeping on eye on the bottom line.
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