Etsy Advice?

I have been thinking about the possibility of selling my crafts for a long time now. Since I started knitting again, I have been building up a huge amount of random finished objects, and I can't possibly use them all or give all away to friends/family. There is a large outdoor craft market here in Oregon, The Saturday Market, and I thought about selling there. There is a membership fee and a selling fee, but they are both pretty reasonable. But since the fee is annual and runs March to March, I don't think I want to even try it until next Spring. That brings me to Etsy. I hear a lot about Etsy on the blogs I read and on Craftster and Ravelry. I even found this cool advice book, The Etsy Seller's Handbook, which is a little overwhelming because it has so much information (found on Sew You Want To's blog). I just don't know if Etsy is for me. What I really want to know is this: Is Etsy worth it? Can you sell items at a price that is fair to the crafter? Do you have to put more money in than you get back? Does updating your Etsy page become like a second job? Any help or advice is welcome.