Individual High-Yield Bonds or the ETF's JNK / HYG, Which is better?

No doubt that high yield debt has taken off like a screaming chimp since being beaten to a bloddy pulp in October of 2008.  I have substaintial amount of my personel portfolio "invested" in individual HY debt issues, about 85%, the rest in equity/option trades and cash.

Most of my position in individual bonds was acquired during the blood letting, so my capital gains to date are "ginourmous"....some as high as 400%, on a friggin BOND...amazin'....and the subsequent annual YTM on many of these issues acquired during the nuclear winter is in the 20-50% range with duration of 5-25 years.

The individual issues market has been throughly picked over during the  past several months and now "good buys" only present themselves on rare occassion.  As such, those interested in the space, especially those without the time or skills to perform proper financial statement deconstruction, should consider the ETF's, specifically JNK & HYG.  In addition, using these ETF's in combination with writing calls against the position can generate additional income and provide a level of forced discipline and automatic risk reduction (as calls are execised forcing a liquidation of profitable moves, as opposed to holding and subsequently giving some or all of it back).

The space is really getting over extended, so proceed with caution.  But overexuburence can often exceed an optimist's rosey projections.