Last year, there was no way I wanted to participate again because I was overwhelmed working on my Master's degree.
This year, I'm sorta undecided. On one hand, I'm still working on my Master's degree and am very busy. On the other hand, I've got about 8 stories currently in the percolator just waiting for me to write them (and then get around to publishing them). In order to write the 50,000 word goal, I'd have to be able to average about 1,667 words per day, which is no small feat! Especially since I work two part time jobs and am working on my Master's. Then again, it would really help me to get one of these stories out of my head, so I have more room for "smart" stuff like school! ;)
How do all of you feel about NaNoWriMo? Are you participating?