It seems to me that there is an enormous amount of negativity towards academia, here. I think it's very unbalanced. Let me redress this a little.
It is true that young academics are not well paid, don't have good job security, and that the academic system is run from the top in the wrong way. Grant-chasing is a fact of life, and administration can distract you from your work.
However, being an academic can be great. I've worked in industry and academia, and I found academia to be less stressful, more rewarding, and more intellectually challenging.
Here are a few great things about academia:
* You get to work with really smart, creative, intellectual, people. Probably the smartest people you meet in your life will be colleagues. It's a very stimulating environment.
* You get to work with young and enthusiastic students and researchers, who constantly challenge you and bring new ideas to the table. It keeps you young.
* You see ideas and technologies that most people don't. For example, I recently saw a bunch of robots in development at another UK institution.
* It's an opportunity to continue learning, with access to great resources (huge libraries, experts on a wide variety of disciplines and sub disciplines down the hallway / across campus).
* You are not constrained to thinking about product development or the short-term. You can think on much greater timescales, and propose and investigate ideas with no direct application.
* When you make a real contribution, find a great result, or inspire other researchers, it's hugely rewarding.
* You're part of a machine that has generated enormous progress. Often people don't recognise it, particularly in Computer Science, because commercial companies appear to have "invented" things that they actually developed from work in academia. The most incredible discoveries and theories have come from academia.
* Every day can be different. You don't repeat the same research twice, so it's a constant progression. This can be really exciting and stimulating.
* You get to travel the world to collaborate, to attend conferences etc. Sometimes you can extend these trips to holidays; I've travelled more since I became an academic than anyone I know outside of academia. You have the opportunity to move overseas and work at foreign institutions.
* You have flexibility in terms of what you wear, how you work, where you work, who you work with -- you get to choose much of the time.
* You have an enormous amount of freedom to organise your time as you see fit. Your hours and holidays are incredibly flexible.
* The money, whilst not great, is enough to live on. If you progress up the ladder to be a senior lecturer or professor (UK), the money is good.