I agree, it depends on your discipline. I'll also add that within your discipline the job possibilities are different depending on your sub-field. There are typically more jobs available to someone who specializes in a universal subject taught in most places, as opposed to something that is more marginal within the discipline. To use an example from my own field, a new Ph.D with specializing in sociology of the family will have a much easier time finding a job than a new Ph.D specializing in something like sociology of sports.
What a college prof's job is like will vary from school to school. If you're at a big university, you'll probably teach less (~4 courses/year) and research more, with heavy publication expectations. You'll be promoted and tenured primarily on the strength of your research. If you're at a small liberal arts school, you'll probably teach a lot (6-8 courses/year) and have much lighter research and publishing expectations. You'll be promoted and tenured primarily on the strength of your teaching. Of course, these are generalizations, but it's good keep them in mind...
Time is usually pretty flexible. During the school year, outside of when your classes are scheduled, you can work any 50-60 hours of the week you want (more or less, depending on how much time it takes to prep your classes and grade papers). While you might have "summers off", that's typically when you have to put time into your research and publishing.
The Chronicle of Higher Ed webpage has data on average pay at various schools.
Also, department/college politics can be nasty. Not everywhere, and not for everyone, but it's something to be aware of.