Grad school was one of my best decisions. I went to a great school that was what I call the Goldilocks size, big enough to have a great faculty, equipment, and decent funding but small enough so that collaboration was the norm and the crazy horror stories of maniacal hours and/or cutthroat competition were normally self induced. My PI was an incredibly good guy and still a close friend. I met my business partner and co-founder while working with him the lab and we're now building a company that expands on the work we did in grad school.
That being said, I saw plenty of people not having the experience I did. This was almost always because i) they didn't really like research and didn't know it until they were there or ii) they picked a PI (PI = professor/boss) that was a really bad match for their work style and personality. Finding a lab & PI that matches your personal expectations about the PhD I would say is more important than the research focus. Don't choose something you'll hate learning about but ultimately the PhD can be more about learning how to teach yourself than the skills you learn during research.
Grad school was far, far better. Completely different league.