Long hours and little respect probably will vary from one employer to the next. However, I've been working as a developer for about ~10 years - most of it with a mid-size insurance company but the last couple with a large bank. I work longer hours than most of my colleagues, but I've rarely put in more than 50 hours in a week, and my average is probably closer to 45. And my non-engineering colleagues have always treated my fellow engineers and me with respect and an appreciation for the difficulty of what we do. If anything, they've usually been a bit too deferential.
YMMV, but I think our profession is probably among the best in the world for workers. If my child were about to enter the working world and had the ability + interest, I'd absolutely recommend this as a career.