HOWEVER: Is management dedicated to making sure those issues are rare? Namely:
1) Do they give you the time and leeway to fix technical debt that causes these things to pop up?
2) Are there reliable code review, continuous integration, and QA processes that ensure that fewer bugs make it to production in the first place?
3) Is it easy to roll-back a deployment at 2am on a Saturday?
4) Is there a well-maintained schedule of IT and development changes, with impact assessments, so that people don't page you during a downtime they should've known about? And so that, after a failure, you can view historical data and determine the causes of a failure and effectively develop a plan for mitigating it in the future?
5) Can YOU page the DBAs at 2am on a Saturday when you need their help? Are they going to be rude when they call you back, or are they going to recognize that the health of the systems is their job, too?
6) Do devs willingly, openly own up to the bugs in their code, in front of their bosses, without fear of serious reprimand? Does the company recognize that mistakes are inevitable and that process and communication are better than blame-finding for preventing failures?
The answers to all of these questions (and more) will, directly or indirectly, indicate the frequency and overall stress of carrying a pager for a given company. (They're good questions regardless of pager duty, too.)