I just found out about Bitcoin today, but I've been doing a lot of research and it seems that mining is hardly feasible.  The difficulty is increasing at a ridiculous rate and it will only get higher.  I was considering the possibility of investing some money into a mining rig, but by the look of things now I doubt it would ever pay for itself.

Has mining been ruined by FPGAs?
Is it even feasible anymore, or did I miss the boat?