I did this 12 months ago. I'm on a tiny fraction of my previous salary, but only working part time, rather than working all hours, taking my work home and never switching off. I'm fortunate to be in a position to afford to do this.
I love the job I am doing and the people I work with and there is certainly a small internal smile when the proverbial hits the fan and it is not my problem. I love going to work knowing when I will go home. I love having more time with my family and for myself. I do not miss being on call 24 hours a day.
However, I have found if you have any competence, diligence etc then it is hard to keep this hidden. I came to my job via an agency so the employer knew nothing about my background (similar industry), now they have discovered the skills and experience I have and are starting to want to use that, but without paying for it as such.
I used to find having an incompetent team and stressful projects a frustration, but now I am struggling with watching a less competent and experienced manager than I was fuck things up. So the grass is not necessarily always greener.
I'm glad I left what I did, I am glad I tried something else, but I am now wondering whether to find something else to step up into. I may as well get paid properly for my skill set. To give you an idea, my scenario would be like if Richard Branson decided to work in the ticket desk of your local train station. It's been fun while it lasted, but I need to find a middle ground. It's hard to watch someone destroy your train set without being able to fix it.
Dont forget that it can also be hard to go back if you decide it is not for you. As a minimum wage slave you could end up devaluing yourself in the market, or making your skills irrelevant if things move quickly in your industry.