I've done some dabbling in Rails, but I see a lot more jobs wanting/using PHP than I do Rails. I really know neither of these that well (most of my "professional" experience has been hacking around with Classic ASP and some minor dabbling with ASP.NET; I'm comfortable with OOP and C#/VB.NET), but to maximize my job opportunities I'm highly considering dumping my endeavor to learn Rails to instead learn PHP. However, Rails seems and feels a lot more elegant to me as far as programming with and using, although I'm not a big fan of the "it just works" mentality with a lot of its features.
It seems like PHP would give me more employment opportunities, but I personally feel that Rails "clicks" more with me and would give me a better chance to go independent (which is something that appeals to me). Also there is a lot of poor PHP practices out there due to the language's popularity, while Rails really forces you to adhere to best practices.
What course of action would you suggest? Picking them both up would be a good idea, but I find it insanely difficult to learn two different things at once.
See Also:
http://stackoverflow.com/questions/171964/stick-with-php-or-learn-ruby-on-rails