Done this recently - had a god-awful job, which paid very well, was near to me and so on....
I quit (it got ridiculous) and I'm now working somewhere else which pays approximately half of what I was earning before - but there are more opportunities and I absolutely love the job. I even do a 2.5 hour commute each day and it doesn't bother me at all - I look forward to going to work...
Despite the drive I also get home about an hour earlier as well....
Makes all the difference to how you feel about yourself and work, does take its toll on you if you're not enjoying it, even if you don't realise it at the time.
Obviously it does depend on your personal and financial situation somewhat, though!