There's an interesting collection of comments after this post over at Editorial Anonymous (she of the fabulous blue dinosaur slush pile picture.)
My favorite is this after a litany of things that aren't so great about the publishing industry: You have to know this going in. And you still have to want to do it.
Publishing isn't perfect. It's a small, insular, power imbalanced industry. I still love it. And my fiercest hope is to work only with people who love it too.