As with anything, it depends on what your goals are, what you put into it, if the platform here matches the type of writing you want to do etc. There are a lot of variables. As with anything, it is right for some folks and not for others.
For example, I do a lot of niche writing and I create custom graphics for my hubs. The hub layouts allow me to create really beautiful articles. In turn, I use these hubs to show potential clients. Hubs have brought me a lot of income indirectly with new clients who were impressed with my writing. My graphics also get a lot of traffic from Pinterest and social media. I make payout each month, so I am satisfied. Now, if I were doing only Hubs for an income? no way. I don't make enough here to live on.
Other benefits here are the community, the comments, the feedback - some of it more than others ;) lol. You kind of have to look at the whole package when considering if it's the right fit for you. For me, it is still worth it and I think ultimately the changes taking effect now are going to be to HP's benefit and help it recover from the Panda beating it has been taking the past year or more.
Am I too much of an optimist in that department? perhaps, but only time will tell I suppose. In the meantime, it's still worthwhile to me and I enjoy it, so I'll stick with it.