The gains blow.
It is good money, the null ratting. However, I am currently about 90 mil short. I'm tempted to burn LP for cash thou so who knows what I will do when I get up tomorrow. I just spent about 30mil implanting my pewpew alt with some damage implants to help her poor, poor showing of abilities.
I do remember that I actually have some salvage to sell from doing the null sec ratting. I don't have as much as I'd like to have due to the fact that my cargo hold is only about 300m3 and 1/3 of that is normally filled with ammo. Its a few mill worth but not enough to bridge the gap I currently have.
Speaking of salvage and isk making, I caught myself getting my ass handed to me during a level 5 mission. My ass handed to me is defined as one npc targeting my poor Noctis. Thankfully, carrier reps kept me alive until I could warp out and come back in.
Risk vs reward. The reward is well worth it since I can often buy another noctis or two every haul.