The article is a pretty good account of the reasons why talented and capable people drop out of Ph.D. programs (often for the best), but the reality is that your mileage may vary - a lot depends on the fit between student and advisor and department. It's definitely a major test of your time management and self-motivation skills.

The battle to find a topic and convince people that your topic is relevant is painful: contrary to popular belief, working in academia is in its own way far more competitive than in the private sector: you're constantly evaluated and critiqued.