Short answer...it is what you make of it. Some guys have made a very successful career at the regionals; others have been to the regionals, then gotten a real job (majors, charter, cargo, etc), and gone on to lead happy lives; and others have quit after a year or two and gone to sell insurance.
If you're going to work for the regionals, make sure you do your homework. Find one that suits you and your situation. There is a huge variety in the industry when it comes to pay scales, work rules, bases, equipment, etc; I've been here four years and, while there have been "those days," overall it hasn't been that bad. Ask some of the other people at my company and you will get the exact opposite answer. If you can be home based, that makes life DRASTICALLY easier. Commuting sucks. The pay is not anywhere near what it should be, but some are better than others. The hourly payscale does not tell the whole story; there's a lot more to actual pay, and especially to quality of life than hourly rate.
I have no regrets going the regional route, but I have no qualms in saying I don't want to be in the regionals any longer than I have to. If you generally have a good sense of humor (and irony) and can be flexible (and be home based), you're going to have a much better time of it.
