Nice discussion on going corporate vs. freelancing. I admit: sometimes, I look through the best employers in the Philippines thread and get envious of all the benefits they offer their employees. Health insurance for your entire family, rice allowance, maternity packages, car plans, bonuses, and sure increase in pay every year? Damn, what am I doing selling my services to people outsourcing their work and only looking to cut costs?
But anyway, for me, freelancing is the logical path to take if I want to achieve my life goals at a faster rate. I may not have the same benefits as regular employees, but what I do have is control over my own time, schedule, and life. Heck, I even have time to set-up and search different income streams, which I imagine would be difficult if I were spending most of my days at work and going back-and-forth from work. For me, there is no amount of money I will trade for being able to be with my baby any time of the day at the drop of a hat. Oh, and the fact that I can look over my household, run errands, and take care of business matters when they need attending to are major, major bonuses, too. Is there any corporate job that'll allow that? Even if there were, I don't think I want to be driving from work to home and back again each time something comes up.
As for working on oDesk, if you want to get the higher per hour rates, you need to be an expert at 1 or 2 things. In writing, just as it is in programming, you can command a higher rate if you are highly knowledgeable in a few topics. It's not a marketplace for a jack-of-all-trades. You need to stand out. Breaching the 6-figure monthly income is easy once you do that.
I agree about stability: it is an illusion. Me personally, I only feel stable work-wise if I have more than 3 sources from which I can pull income. Eventually, I would like all of that income to come from passive sources. I am working on that now. Lots of sacrifices to make and gratifications to delay, but I know it will all pay off.