I agree that the barrier of complexity to entry for php is lower, so on average you probably get more supply (php programmers), more demand (php type jobs), at a lowered-by-competition price (lower job salaries on average).
From a starting web-programmer perspective, php is good because you can use it in so many ways, html + a tiny bit of scripting, extensive procedural programming, OOP, and even something resembling functional programming. Since the web is so easy to get an audience for your software, you can really keep learning while you're doing. Php is what let me break into programming, which I don't think I would have managed if I were working with a language less tied to the web. After a good 6 years, off and on, I've got myself to the point where I'm comfortable with php as a job, but am looking to personally break from web programming to off-the-web programming (trying to get into clojure) and different languages. After all this time, I've become more and more aware of the often-lacking-security and the filled-with-legacy-functions nature of php.
The php language itself has a huge base of relatively high level functions built in that match tasks that people have done in the past, so you can get some complex concepts distilled into simple functions, even before you go messing with the many choices of libraries that are out there. So you can pretty much work with a huge body of code out of the box on most servers.
So it's an enjoyable way to break into web programming and build up your body of knowledge, a great jump-off points, though not such a specialized language that you can rake in the dough without a lot of work. From a hiring perspective, it's probably pretty easy to pick up a kid off the street who can write a quick web-app in php (that probably describes me a few years ago), but much harder to get someone who will write code that will be maintainable in five years.
Oh, and one more thing: doing programming needs source control, so get to know git and github.com or gitorious.com. It's hard when you first start to get into it, so cheat and use whatever tools and aids you can, but it's so worth it to have the freedom of being able to write whatever kind of programming you want.
The git website about git:http://git-scm.com/
Github guides on git: http://github.com/guides/home
It'll open up how you work and prototype.