I would say no.
Not only is the budget on most of these projects ridiculously small, but you actually have to bid for it, which means that it gets smaller!
The only people who really make this site work are people in other countries who get a great deal for American $$. Places like India for example, 10.00 USD = 487.412 INR at the moment, so a site for $300 is actually quite reasonable for a place with the average daily working rate of around $2…
This is why you wont ever really win on price while bidding from the "West" because people in countries who can get a better exchange rate, just undercut you – and it still actually benefits them!
So I say let them have the sites, its about time these guys got some decent money in! Unfortunately it just means for us fat cats, sites like Elance make you spend too much time finding, bidding and being paid so little for jobs, that its really not worth it.
Its better to spend your time networking.
Thats my take on it :)