The three main facets of film production (production, post-production, and distribution) have been made exponentially more accessible over the past decade, and it’s a result of this that web series have taken off as much as they have. One area that has become a crutch for both professionally made film (and, perhaps more justifiably, amateur) is in the realm of special effects. Some filmmakers are pushing the boundaries of the web medium almost purely out of the strength of what they can accomplish with limited means; for everyone else, the rule I come back to for the three main facets and the CGI’d cherry on top is this: does it serve the narrative (or goal) and would the piece be stronger without it than with it?

Freddie Wong has made a name for himself on YouTube due to the extraordinary quality of his homebrewed special effects. DO NOT EXPECT TO BE ABLE TO DO THIS OUT THE GATE.
Production:
Nearly everything has a camera in it now. And these cameras aren’t completely useless either. I recently held auditions for an upcoming film of mine and I recorded each actor’s performance using my iPhone. An associate of mine just premiered a short film of his at a film festival, recorded on his iPhone using a 35mm filter app downloaded for a buck or two. There’s very little standing between the idea of making a film and the means to do so. DSLRs have been exploding in popularity with filmmakers because of their intense depth of field producing high-definition and professional looking results. Hell, a season finale of House was filmed on the Canon 5D Mark II.
Personally, I like DSLRs for filming. They present the best cost to performance ratio without too many debilitating factors. It’s a recent trend in film, so the cameras aren’t always intended for video, but they’re evolving fast. There’s an excellent guide on DSLR’s (available as a free .pdf) available courtesy of nofilmschool.com.
Even if you have a brick as a cell phone and very little cash, you can always rent equipment or connect with aspiring filmmakers via online communities, such as Vimeo’s community forum.
Post-production:
Circling back to the iPhone as a mark of super-cheap means of filmmaking, iMovie is available as an app for a few bucks. It’s not the most advanced or varied means, but it’s in the palm of your hands with very little overhead, and that marks a change.
Every operating system has professional level editing software available for it (each one offering a free trial too), and many operating systems ship with editing software included. Regardless, it doesn’t cost much and it’s worth learning. A basic rule of film: you can’t make bad footage good in post-production, but you can make good footage great. It’s a pyramid scheme where each level feeds off of the preceding one. Give yourself a good base and work up.
Distribution:
This is the probably the aspect of web series that receives the most attention and the biggest reason for their success lately. There are two main means of distribution on the web (YouTube and Vimeo), but they are no means the beginning and end.
YouTube is the obvious choice as the biggest collection of amateur video anywhere. It offers the potential to monetize on success almost immediately, and if your film does well, it can absolutely explode. The comments are useless, but creating a brand via a channel is an interesting means of getting out there.
Vimeo is a more professional choice, an area for equally passionate peers to comment and view your work. There’s no opportunity to make money from the site itself, but it’s presents a slick opportunity to build up a portfolio, network, and improve yourself within the robust community.
Blip.tv is focused on monetizing web series. They apparently pay more than YouTube, but I have no experience on the service and can’t make an informed comment. Interestingly, they apparently push their content on to other sites, such as Vimeo and YouTube, which is good news for exposure.
Tubemogul allows you to link various accounts (YouTube, Vimeo, Blip, etc.) to track views. They’re rolling out a revenue-based service, but it’s largely untested.
NOTE: NoFilmSchool beat me to the punch with this article – I ended up using them for reference before I published this draft.