The biggest thing about mining, is what do we really need that would be worth the expense to go get it. Once in space itself, oxygen and water and other required elements for life support become valuable, but only insofar as to support out of space presence. The real draw for space mining would be the rare elements we lack, such as the Helium III on the moon, and theoretically easily accessable elements in the asteroid fields. A giant strike of platinum for example would do very bad things to the jewlry industry, but would be a huge benifit to the manufacturing and electrical industries. Helium III is theoretically ideal for use in a fusion reactor. If we had suitble large quantities of helium III at our disposal right now, combined with the new laser from the national ignition laboratory, we could most likely sustain a working fusion reaction. Building your reactor to work with the rarest isotope on the planet at the moment isn't really a viable solution.
Other than that, the really abundant iron, steel, titanium, etc, we can get on earth, or recycle easier than it would be to get them from space. Then if you do get them, you really have to ahve some way to at least partially refine whatever it is so you aren't shipping back huge piles of worthless materials. That means some form of space smelter, probably on the moon, which introduces temperature variables, material handling issues, scale issues, etc. Once we have one up and running, we can then start producing materials for construction in orbit. That won't happen though until there is an easy way to get material up out of our atmosphere. A space tower or sky hook, some sort of starwars style imposible repulsorlift shuttle, beaming, what have you. Right now it costs roughly (and there are alot of variables here so you can argue the numbers +/- considerably either way) about $3,000 to move 1 ton of material from new york to london. It costs the space program about $10,000,000 to move 1 ton of material about 900 miles into orbit. Until we can get costs down to where it is practical to move large volumes of material up the gravety well, we aren't going to see large scale mining in space unfortunatly.
My money is on the skyhook personally...