Well, I consider myself a webmaster - which basically translates to "generalist," skill-wise. There's a fair amount of what I'd consider light weight programming, database stuff, sys admin stuff, SEO stuff, CSS - the list goes on. It's a rapidly changing career, and not one that I think is very amenable to learning in school, other than the basics.
As for income, I do well enough for my needs. It depends on whose sites you end up working on!