Game testing is not that bad a job. Especially if you can get a role as a tester employed by an actual development company rather than a publisher or outsourcing unit.
However, you need to understand what the job is. You're not "playing games" all day. It is not a great route into developing games (although some designers do come up that way). What you're doing is patiently and diligently testing something, and then explaining clearly to the developers what is wrong, why it is wrong and how to reproduce the problem.
If you have an organised personality, are observant and can think logically and express yourself clearly then you'll (a) make a good tester and (b) quite probably enjoy it.
If you want to play games all day, then you're in for a rude shock.
As for hours, wages, working environment etc. - testing is usually the lowest paid job in the games industry, expect similar wages to an office monkey - i.e. not great. You can command a bit more if you're fluent in one or more foreign languages. Hours and working environment vary a lot and like most games industry jobs there are plenty of companies out there that will treat you terribly but an increasing number are much better on that front and nowadays there are plenty of places that work sensible hours (35-40/week) with only the occasional late nights. Prospects wise: it's like any other job you can get promotions to team leader, management, etc. in the usual kind of way and there is some chance of a move into level design, or game design proper - I've worked with a number of designers and a couple of artists who came into the industry that way - but the vast majority of games testers won't make any such move.
So, in summary, it's an okay job if you understand what it is. The pay isn't great, but if you lack any particularly marketable skills it doesn't compare that badly to your alternative options.