Thanks!
The reduction in time is truly the big one for me. If you find a job that you absolutely love, and are doing something that you find personal satisfaction in, then you'll be fine. If you have interests outside of work (hobbies, pastimes, etc) then you'll be hurting, IMO. I personally like to build stuff, and pursue technical interests (I like stringing, and I personally think it's a pretty technical hobby, among other things). For instance, I want to build a DIY, cheap RDC equivalent. Having a job really kills your free time. If you live closeby, you wake up at ~7-8, work from 8-9 AM until 5-6 PM. If you cook for yourself (assume living alone), you'll spend at least an hour (factor in cleanup and a very simple meal). After that you've got 2-4 hours depending on how much sleep you want to get per day. It kind of sucks! It doesn't sound too terrible at first, but the grind really gets to you. You'll really start appreciating your weekends, and you'll miss the time-freedom of school. There's a lot more structure, though, and some people crave that.
A Ph.D is just a full time job that pays way less
I'm not saying "real life" is a drag, but you just appreciate HOW MUCH free time you had in school. That's really the main point: appreciate what you got
Play lots of tennis.