I work in video game QA. I'm a full time standards tester.
Does it suck? IMO, it really depends. You could work for the best company in the world, but if the people you work with are complete assholes, then of course it's gonna suck. Conversely, if you work for crap money, but the people you work with are awesome, then it's really well worth it. I'm lucky that I really love the people I work with, and that although it's tiring to work 12-26 hour days during crunchtime, it's absolutely a blast if you're spending it with people who can take it all in stride.
You're also pretty much on call all the time, once crunch settles in. Once a build is there, it's time to head on over to work, even if it's at 3am.
I was really lucky in that I was hired on immediately as full time. Most people in QA start out as temp testers, meaning that the company will hire you on for a few weeks, work you to the bone, and then let you go once the project is finished. It sucks, yeah, but we need to hire a ton of people to get as much coverage as possible...once the project is over, there's really nothing left for you to do, and we can't keep paying for you to stay. The good news is that if you do a good job, you'll be asked back for the next project...to start crunch all over again.
The pay is definitely not that great, don't expect to earn more than 30-35k a year...if you're lucky AND if you're full time.
It's a good foot in the door for the industry, but there are plenty of people who get fed up with the hours and pay and become disillusioned and leave the industry altogether. I love video games still, but when you're on a console all day, when you come home, the last thing you really wanna do is start up another video game (that's just me; I have plenty of coworkers that go home and play games all night).
In short, if you're young, if you don't have kids, it's a great fun job. If you're married or have kids, I can see how it can really effect your family relationships. I definitely don't see myself staying in QA forever; I want a family and a social life, I'd like to, y'know, own a house or something.