Is right now the best time to do it though? With more companies going into hiring freezes, layoffs regularly happening due to the fiscal years, and general sentiment to the economy.

Of course job switchers will earn more than those who stay. There is a predicament of "starting over" however. Some people can handle that well and network quickly while exceeding expectations wherever they go. Some people need to build up to that.

While I have many friends who hop jobs every 2 years, I never got a sense that they are "happy". I don't think you can put a price on happiness although its always nice to have more money.