Here is a nicely written article from Popular Mechanics (Dec. 2008) regarding the economic and environmental implications of recycling. While recycling most products makes sense from an environmental standpoint, not all recycling passes the benefit-cost test.
Also, importantly, the costs and benefit of recycling depend a great deal on time and place: current prices for raw materials and local conditions. Regarding the latter, scrap prices are much lower now than those cited in the article, making recycling less likely to be beneficial from a purely monetary standpoint. You can check out current and historic prices of various recyclable products at scrapindex.com
Be sure to also read these articles from Popular Mechanics:
"Recyling Myths Debunked"
"Recyling by the Numbers: The Truth About Recycling"
While a bit dated, I think this short article sums up the situation nicely:
"Is Recycling Worth It?" by Cecil Adams of The Straight Dope