Many of the CSM candidates, including the eventual CSM5 chair Mynxee, have raised the issue of the risk vs reward imbalance of lowsec ops, especially for low-sec missioning and mining.

From all accounts, mining and missioning in low-sec isn't worth it. Mining is out because mining ships can't tank well and, ironically, nullsec is usually safer due to people actively killing intruders.

Missioning is not worth it because pve fits can't pvp well, and the increased loyalty points don't make up for the loss in efficiency.

Your best bet is to fly to Minmatar space, which is quite sparsely populated, and mission there instead.

Low sec exploration can be worth it. Low sec complexes are tougher and lead to more rewarding finishes. Radar and Mag sites are more common (less frequently run) and more rewarding. Grav give nullsec ores (Dark Ochre, Gneiss, and the occasional Crokite or Spodumain). Ladar give the components to make real (rather than synthetic) boosters (or the reactions to make boosters).

The big thing is that again, high sec is often over worked for exploration and lowsec is untouched. Low sec exploration is initially a bit safer because you are working with a covert ops ship which can be (and warp) cloaked.

Low sec is a lot safer than people would have you believe. If you have a scout, keep an eye on local and use your scanner properly it is relatively hard for you to be caught. You are fairly safe at gates if you scout ahead, preferably in a covert ops. In a safe/mission/exploration site if you scan every 15 secs for probes/ships you will be able to get out before someone can scan you out and warp in on you, especially if you leave your scout 100k off the acceleration gate. Obviously try to keep to the less populated areas.

Exploration can be very profitable in low sec, bearing in mind than exploration is never going to be a guaranteed income. Personally I have made 3 billion in a few hours or only 200 million in a week, it's all luck of the draw.

Level 5 missions in low sec can also be very profitable, basically each mission will make you 50-75 million isk and the majority will take about 30 mins (some will take hours, some 5 mins). The trick with level 5's is to only accept missions which can be blitzed/are easy. To this end it helps to get the required standings with more than one character. Only accept missions close by to minimise the amount of time you are slow boating around between gates. Also as always fly what you can afford to lose, the majority of level 5 missions can be run with a shield tanked hic for tank and something with dps + a little bit of RR for when you mess up (you will need 500 dps plus).

Basically if you are careful, keep your eyes open and have a scout alt low sec is safe and the rewards for pve over high sec can make up for the few loses you might incur. However it is not easy mode like high sec.

I go ratting in null with a stealth bomber. Is it worth it? Probably not, I can make more running lvl4's. But it's fun, and makes a nice change