My impression of academics:
I am a non-academic working with academics in a research centre. My professorial colleagues are well paid (£45-50,000) compared to other university staff* (but probably could do better in other industries). On the whole I think they work hard during term time and often have heavy teaching/supervising workloads in addition to their research activities. They all seem very committed to their work and clearly have a huge amount of job satisfaction. On top of their salaries they earn extra money from publishing, external examining, and the occasional bit of 'consultancy' etc., although some of the amounts concerned will be paltry.
Perks:
Foreign travel - this year the four professors I work with have visited Mauritius, China, Brazil, Australia, Japan, Norway, Finland, New Zealand and America between them.
They have 35 days (7 weeks!) annual leave in addition to bank holidays, and a week at Christmas when the university is closed.
Job satisfaction.
They can wear whatever they want, eg. an ancient t-shirt advertising cat food with a pair of old shorts and people will describe them as 'a character'.
They get to 'work at home' a lot. I'm sure some of this time IS spent working, but being at home means money can be saved on commuting costs, holiday childcare, etc., which other employees just have to suck up.
The junior researchers seem to have a much tougher time of it and, as others have mentioned, have short fixed-term posts with little job security, which is invariably stressful.
How positive or negative your experience of academia is will probably depend on the personality of your Dean or Head of School/Faculty.
*If you think academics are poorly paid, you should try being a Grade 4 administrator or a member of caretaking/catering staff in a university. Living on £16-22K in the south east is no joke! Sorry, I know it's irrelevant to this thread, but other non-academic university staff will consider academics to be well paid, which no doubt helps to foster the 'them 'vs' us' mentality which seems so prevalent in higher education.