Self publish?

It's nothing new. Plenty of writers have been self published, and we've all heard the stories.
Recently self publishing has been on my mind a lot. Michael J Sullivan was self published before his "Theft of Swords" was taken up by a traditional publisher. Christopher Paloini self published his book at 18 before "Eragon" became a world wide best selling novel (as well as a series).
How did these authors do it? How can we publish ourself if we don't know what the outcome will be?
You're entitled to your own opinion, but for me I think of self publishing that will either destroy me or bring my dreams to life.
As you all know, I've been on the search for a publisher for over a year now. I've been editing "Cursed with Power" nearly every day, and I've even working to make my query stand out in the publishing world. It's difficult, and though nobody likes to face it there's a 99% rejection rate. I'm not saying it can't be done, I'm not saying that I'm going up on seeking out a traditional publisher, but I will say this...
I have respect for those authors who have taken a leap of faith and self published their work. Especially those who have proven it is worth something.
If any of you have self published, please feel free to comment and enlighten us on your experience. I'm interested in hearing anything you've got.
No, I do not plan to self publish tomorrow, but it is another option if not traditionally published.