I worked as a CFI for 3.5 years in the early 90's during that slow down. Not only that, but it took me 1 year after becoming a CFI to get that job. I worked 6-7 days a week usually from 7am till 8pm (sometimes more or less). It was rough, doing anything for a little more time in a C172 or if I was lucky a Beech Duchess.
Everyone asks themselves the question once in a while, "Is this worth it?" I understand how you feel. Some people I worked with asked that question of themselves and said, "No, it's not worth it." And they went on to other careers and are doing just fine....but most sure do miss the flying. ALL of those that answered, "Yes, it is worth it," have gone on to bigger an better things in aviation and are loving what they do everyday. It requires a lot of dedication, that is for sure. If you don't love it enough to maintain that dedication, do something else.
I've been a CFI, Charter pilot, Corporate pilot, and even flew for a big airline. Well now I am back flying a small Citation under Part 135, and you know what, I still have to pinch myself everyday to make sure that this isn't a dream. I feel so lucky that someone actually pays me to do this for a living. I hope everyone else up there feels the same.
JetPilot500