In both cases, it was very apparent that the industry is built around taking advantage of peoples' passions and love of gaming. Pay is low, hours are ridiculous, and respect is sadly missing. People put their heart and soul into what they are building and get tossed with little to no thought whatsoever.
If you are absolutely passionate about working in the game industry, I say go for it. But go in with eyes wide open: it is a tough place to be.
It is more entertainment industry than software industry, and, just like most other entertainment industry groups have guilds/unions to protect their interests (screen actors guild, screen writers guild, etc), there probably ought to be a computer programmers guild as well.