Web Monkey:
Most college students don't realize that a job's pay is directly proportional to it's "sucking quotent" and how little of your own life you'll get to control.
It's absolutely true that the more a job sucks, the more you need to be paid in order to do it. Add in the supply of people who can perform the same task, and you've got a nice matrix. Jobs that "suck", and for which there are few applicants, will pay more than jobs that don't suck and that can be done by many people.
With regard to the control you have, that depends on your goals. Once you graduate and pass the bar, you've got a few choices. If your grades and credentials support it, you can go for the large firm experience, in which case you'll work your butt off and get paid very well. You could also seek a public sector position, in which case your work load would probably be less, but you'd make much less money. You could even hang out your own shingle. You can be your own boss, but if you don't work, you don't get paid. At the same time, you only need to work enough to generate the income you want. In other words, there are many options.
In my case, I started with larger firm in a small city. I worked hard (2400 - 2600 hrs/year billed), and had very little time off. I moved to a larger firm, and had even less time off at the start. However, as time progressed, I specialized and got seniority, and now have a reasonably balanced lifestyle.
If I wanted to have more time off, I could easily move to a different firm. However, I'd take the pay cut that goes with the lower suck quotient.