When you take everything into account,... all the pain, frustrations, politics, low pay, bleak prospects, and the few highs,... was it all worth it?

I would say yes, although maybe ask me again in a year to see what I am doing job wise! I do think it is worth it in terms of an achievement and learning exercise.

My friend is currently on his corrections - he said the other day he doesn't think it has been worth it (which made me feel great!)

If I am being honest, I feel I achieved quite a lot, and learned a huge amount, and really loved my subject.

At the moment I really dont feel it was worth it, due to the very difficult current circumstances I am in. When I finished, I also feel quite removed from other people who do regular jobs (although I have had a nasty wake up call since then), and have felt the sting of others who look down on academic types as living in ivory towers.

But thats just me.