Aaudetat,
You have the right attitude. For anyone considering a PhD, do it because you want to be an expert in the field. Everything else (including teaching) should be just peripheral.
Teaching is definitely wonderful, but research can be a very satisfying experience. Right now, if you are look at journals, you will never be able to see how you can ever do this stuff. But its an acquired taste.
The Ph.D is training for research and it is a painful experience (and it should be), no matter how good you are.
While you are on the faculty to teach, publications and service to the academic community (among other things) is a significant part of the tenure decision. Like with most things, you get to do the fun stuff when you become really good at it. So, as a beginner assistant profesor, most of your research may be incremental because you are rushing to meet tenure. You will need some top journal papers for sure. Some times, you team up with well known professors in the field and that may result in some big research projects. You may get funding from the National Science Foundation or the like to pursue interesting problems.
Most profs have consulting firms (Smartops, truedemand are examples), but again, you will most likely be able to do this after you get tenure.
It is rare that I meet someone who says that they do not want to be a professor. Most of us can owe a little part of who we are to a class we took or interactions we had with faculty. I see this in the posts in this thread too. Professors like the freedom, the ability to set your own hours and the sabbaticals. Of course, the motivation of life time employment is hard to beat for a lot of folks too. Even if you know what you want with your Ph.D, it is impossible to know what you will fall in love with during your coursework and interactions with your professors. Some of you may have that same feeling as you pursue your MBA.