I think it's wrong to generalize - a CTO experience can be good or bad depending on several factors. It is entirely possible that you could be VERY happy in a similar situation, but with a different company.
Usually CTOs can be divided into engineering types, and outward-facing types. The former is hands on, codes, handles the engineering team, or at least has a strong bond/influence with the VP of Engineering. The latter is more in touch with customers, does more public speaking activities, and tries to condense feedback and requests in a way that the VP of Engineering can translate it into the product. Right now I'm the outward-facing type. I am enjoying it, mostly because the two co-founders are great individuals and leaders.
Let me know if you have questions - I would be happy to try to answer.