Apparently YOU haven't been keeping up on the news - The 'blizzard bucks' are entirely optional; you can still cash out (probably at a hefty fee, knowing blizzard) for real money.
OT: I really don't think, at this point in time, we can say whether or not it will be lucrative to sit in one's basement and play D3 all day to pay the bills. I highly doubt it, unless you're farming up items that sell for a steady $50 or more every few days. I'm betting, at best, you could get a part time job and make up the difference with D3, but I really can't see actually living off the game.
---------- Post added 2012-01-30 at 12:34 PM ----------
Rofl. You're assuming the botters will use Blizzard's AH. LOL. They'll do what they've done for the other two Diablo games: Sell the items on third party sites. While Blizzard frowns upon this, there's really nothing they can do; they don't see the money transaction AT ALL, all they see is someone giving an item to someone else in-game. Which, last time I checked, was a completely legitimate thing to do. Sure, they can possibly try to get the websites shut down...we see how well that went with D2 lol.