I think location is a big factor in quality of life for many jobs. Ibankers in NY work 80+ hours all the time, and it is just completely normal. Regardless of what they say, face time is extremely important, and you will be looked down upon if you are not in the office enough, even if you are efficient enough to finish faster. The expectations are different on the West Coast, and I wouldn't be surprised if many of the bankers in LA and SF work 15-20 hours week less than their NY counterparts. There is much more of a culture of getting your work done, and getting out while the sun is still shining.
Location can be a big factor in consulting as well, even though you are on the road all the time. I knew a lot of people that became consultants after undergrad. I had several friends around LA who were able to afford apartments on the beach, and seemed to enjoy a pretty reasonable quality of life on an analyst's (is that what they are called?) salary. I also knew a girl in NY who paid $1500 per month to share a 300 sq ft. (not joking) apartment with her twin sister ($3000 per month total). They were paid essentially the same as my friend in LA, which meant that they couldn't afford anything at all in NY.
I also had a friend in Michigan - and the untold secret for consulting is that you pretty much make the same no matter where you are based. He was living high off the hog making more or less the same money as people in LA and NY.
Now, I don't want anyone to think that I'm saying NY sucks, I actually love it there. They thing is, there a tons of people making lots and lots of money, so unless you are making lots of money you'll feel like you are missing out. The other thing is that the work culture in NY is really intense and you'll be wondering why you're working 80+ hours a week just to go back and forth from your **** apt. If you have one of those jobs where you make enough money to be happy in NY, you probably work too hard to enjoy it.
So, I guess what I'm saying is that you probably need to look beyond the job description when deciding what career to pursue. The exact same job in a different location might make all the difference.