I have a coworker who came from the world of game development. Unless you are working for the few big dogs that have their own publishing department, your employer is working for an external publisher with the constant threat of canceling the contract. The stress that management feels is passed on to you. Trying to pull off a quality title on shrinking budgets and demands of people who may not care what you are trying to do in your title, but pay your salary, is quite the challenge.
At the end of the day, he became burnt out on games and after a couple years out of the industry still can't bring himself to play any video games.
Application development is pretty stable work, and while your clients can sometimes be crazy, they are not so quick to pull the contract cancellation card. The difference is that they depend on you to help them get better at whatever it is they need. They know that if nothing changes they can't improve their business. Games on the other hand are for pure enjoyment, and publishers only care about making money.
Game development can be enjoyable, as long as you don't have any aspirations to go up against the big dogs. Small mobile device games are a lot easier to compete with, mainly because it's a smaller market. As such it's also harder to generate enough revenue to sustain the habit full time.