Indeed.
Economics suggests that supply and demand will deform the market like this:
1. Lots of artists and developers (and testers) working for less to get started. (Can anyone say "relocate to India, China or Romania"? India is producing something like 2000 English speaking IT graduates every week, or some ridiculous number.)
2. More and better content requires more of the above, with less overheads. The contract market has demonstrated a useful way for big multi-nationals to off-load career-linked employee capital investments as a smalled overall expense for more productive content. The "off-loaded" employees (contractors) are then responsible for superannuation, training, travel, dental, whatever ... the corporates don't even need to pay severance.
Result: Bigger, better products. More, higher skilled workers getting paid less for more productive work practices and better output. Developers, artists, actors, testers, etc are "commodified" (I actually had a manager say this to me, in my role as a contractor, a while back) and therefore replacable cogs in the machinery. I.e they get screwed.
But we get better games.