Just to give a bit of an insider's perspective:
When I started in the video game industry as a programmer (in Canada), it was during a work term through university and I was making 42k/year. Within a few months my contract was extended and so I started making 50k/year. I worked for that company for 1 year in total. I then returned to school and graduated with a similar degree as you AkibaFan, a honours degree in Mathematics with a focus in Computer Science.
After graduation I worked as a game designer for a different company, still making 50k/year. Actually designers typically get paid less than programmers, unless you're one of the big name guys. Designers are usually thought of as having less practical skills, and so generally don't get paid as much.
After working at that company for a year and a half, I returned to that first company to be a programmer again, which is where I'm currently at, now making 65k/year. A lot of places tend to pay starting programmers between 45k-50k/year. But as people have mentioned, some places do make you work 60-80 hours a week regularly so it is sometimes a bit misleading.
Other fields in computer science will pay more than game development. Database programming is a hot field right now that pays well. It's sort of an unfortunate facet of the game industry that a lot of people start out enthusiastic and passionate, and are thus willing to accept a lower wage. Soon, the 80-hour weeks burn them out and they leave the industry, only to be replaced by another newcomer that again accepts a lower wage. This is one reason why the pay tends to be lower than other industries.
Now, all that being said, I love making games and wouldn't trade it for anything or for any amount of money. So if you love to do it, then by all means do it and don't worry about the money! It's a lot of work, but it's a good wage. And a lot of the time, it is pretty fun.
Hope that helps :)
