Nice thread, I still think of these questions myself, although I'm well out of college.
I swore to myself that I would never do that 9-5 thing, in a cubicle, choked by a tie and suit. And at this point in my life, I have stayed true to this. Yes, I could be making more money, but in the end I'll probably take the trade-off for freedom and flexibility.
Life's too short for long periods of unhappiness. Yes, there are bound to be extended tough times, like right now, but I think overall that I have managed to keep a sense of perspective. I've witnessed too many cases of lives ending too soon, or being unfulfilled. You could die tomorrow, so I have to ask myself, have I lived to the fullest today?
The answer for me is, generally, yes.