I'm not saying that quality of life doesn't matter. But I've heard just as many stories of harsh living from the indie crowd as I have from the mainstream employees. Going full-time indie is more often than not just as grueling as working in a big studio. The pay is either much lower, or non-existent. It is often a bohemian existence, another form of being a starving artist.
I don't really consider the games I make "indie" games, but from a business standpoint I guess I would be full time indie (I make flash games for a living by myself and sell them to portals). With that in mind I have to say I...
1. Do not work long hours (I work less then 40 hours a week for sure, I do work weird hours though)
2. Am not starving (I love to cook and pretty much only eat organic food so yeah... I am vegetarian though which cuts down on costs I guess and since I like to cook I don't eat out much)
3. I don't spend a lot of money other then food but I don't feel this huts my quality of life at all.
4. I live in the bay area so it'd be even easier to do in a cheaper place.
5. I have no financial support except for making games (I did start with some savings but I'm still pretty much even on that account after 8 months or so)
I do sometimes worry about money but so far it's always been just me worrying needlessly. I love getting to do all the different things that need to be done to make games and I love it when I release a game and get to see that millions of people have played it. It's an amazing feeling. That said my games are very "casual" and I can see some people not wanting to make them but for me it's more just doing it on my own and less about how "indie" the games are.