Game companies are becoming increasingly aware that they need to have reasonable work-life balance for employees and that they just can't burn out people in few years to have sustainable business. There's a history in game industry where people just willingly did all-nighters because it was fun to work in games and hang around with your pals, and they were all young with full of energy. This mentality is still in the back of the head of some old-school developers, but attitudes are changing. Over the years the industry has matured, the average age has increased and people appreciate the life outside of work. The game industry is becoming more like any other industry in that sense. Some companies make people crunch more than others, and I think this is an issue more in the states than anywhere else in the world, but then you also get better compensation. I haven't worked outside of game industry, but I believe crunches are part of most software development companies though.
I personally find game industry good place to work. If you have good amount of experience in the game industry you can get quite well compensated, but I'm pretty sure that with similar experience you would get few tens of thousand of $ more in other industries. You can check the 2013 salary survey to have some idea of salary levels in the states. For me it's not only the money though but being able to work on things I'm passionate about, so that alone is worth the difference I feel. Also some things to look at is what's your expected hourly income (not annual), which is influenced by the overtime you have to put it, and the cost of living and taxation. Silicon Valley is notoriously expensive place to live so be sure to check that when comparing options.