Job hunting in a bad economy?

I'm gainfully employed at the moment... I'm grateful for my job, and I'm happy thus far in having managed to avoid the misfortune (*knock on wood *) of winding up as one of the several hundred-thousand each month involuntarily forced back into the job market... That said, I have in fact voluntarily been looking for work these past couple of weeks... basically taking away from my free time blogging somewhat (I'm sure you guys might've noticed )...

I just feel like it's time... time to move onto bigger and better things with hopefully a higher paying salary than this first-job-out-of-college position that I'm currently drudging to daily. It's time to move on, but the economy has literally gone to hell ... and therein lies the dilemma.

To risk looking for a new job, or not to risk looking for a new job. On the one hand I can stay miserable and maybe try to weather out this financial crisis or on the other hand, I could and put myself out there to see what's available in this lousy economy.

I don't know, maybe I should just be grateful I can still get up in the morning and go to work... as opposed to sitting full-time looking for a job online ... But I'm wondering, are there any current employed or in-between job hunters who've found success in this economy? Are the 100s of 1000s losing work each month finding new jobs, or is it really as bad as they say it is? If any of you guys are currently looking for work, feel free to let me know how it's going... I'd like to get a feel of things to see if I'm wasting my time ...