So, it's pretty much guaranteed that specialization will allow you to raise your rates and do the kind of work you want to do. However, is this really the best way to go?

If you freelance, do you specialize in a certain area?
If you don't freelance, do you want someone who specializes?
What are the advantages/disadvantages of specialization?

I'm really interested in hearing what you guys think.

I personally don't specialize simply because I haven't found something I really love doing. Sometimes I like writing articles, sometimes I enjoy press releases, and sometimes I proofread.