I've enjoyed our Icelandic sheep immensely over the last 5 years. I am a rug weaver and I tried out many other types of wool for my work pretty thoroughly for years before deciding on Icelandics as being what I liked to work with best.
I invested in good breedstock so that selling lambs to breeders would be a possibility. I have to use portable fencing, as my perimeter fence is just 3-strand barbed wire and the sheep go right through it. But I have not had losses to predators, even though our "neighborhood" in the forest here in Colorado has healthy populations of bobcats, coyotes, mountain lions and bears.
Between breedstock sales, the abundant fleece (for my own work and to sell raw to hand spinners), the very mild meat and now, just this year, beginning to use their milk in the summer time to make easy, soft cheeses (which I then freeze for winter use), I am managing to cover hay costs plus a little extra...and we have grass-fed meat and milk that we enjoy much more than what we could buy.
My nephew, who also now has a small Icelandic flock, recently told me he is divesting himself of his cows, as he enjoys working with the sheep more and their family likes the meat better than beef.