In some industries, maybe. I've worked in several "old school" design agencies (doing a bit of interactive work), and many designers and production folks are absolutely worked to the bone (frequent all-nighters, weekends, etc). Sure, some of them quit, but there's always somebody else to take their place. And working long hours is all "career development" until you're out of the trenches every day.
Some industries just function this way (gaming, as others have pointed out), and people entering those industries seem happy to accept it.