Alright I've completed a few rides with the service now as a driver now , but nothing "prime time" as in Riverside or the beaches on the weekends. It looks like you can make some money during the surge pricing, but it appears it's difficult to make a decent wage consistently now that they've reduced their fares so much in an effort to run Lyft out of business.
Basically you earn .75 cents a mile with standard pricing, and get .13 cents per minute. An average 6-7 mile ride will cost about 8 bucks, but they tack on a 2.05 "safe rider" fee which is a bit steep in my opinion. None of that goes to the driver, that all goes to Uber for insurance etc. It's only 1.00 in some cities.
Then uber gets a 20% cut of the fares on top of that. So on a fare that's 10.65 the driver's taken home about 6.88 and i'm sure .75 cents - 2.00 of that needs to go towards gas depending on how far away the driver was when the pick up was requested.
The odd thing about Uber is that they discourage tipping while Lyft does not. Lyft at least gives you the option to tip within the app at the end of the ride. IMO, if you felt you received decent service a few dollars would go a long way to helping them offset the cost of driving their car into the ground. And I won't get started on the gray area with private car insurance.
It's not a bad option for someone who's in between jobs or is trying to make a little extra money on the side, and on a busy night even after gas you can probably make 15-20 an hour, but i'll be doing it very sparingly since I don't want to completely devalue my car.