I guess, if you pick badly then it probably is. I've been working in video games for 4 years now(as a C++ engine programmer) and I'm still enjoying it a lot. We ship a project, millions of people enjoy it, it feels great. The last time I had to do overtime was 2 years ago I think, I'm usually home by 5pm and get to do other stuff I really enjoy. The pay could be a bit better, but seriously, the superb job satisfaction and good work-life balance is worth the slight reduction in pay compared to companies where you hate every second of being there.

Alright, nice to hear there are still decent companies out there. Its easy to get the image that the entire industry is really bad.

The worst games to work on are the sports franchises, they have to be out before the next season starts because the team lineups might change next season.