As far as I know, the FAR's basically say that it is up to the operator (the airline) to decide which devices are OK to use [1491.21, and, for typical airline operations: 121.306].
Yes, I spent my late 20's and early 30's doing a PhD and a longish poorly-paid post-doc at one of the top US institutions. But I enjoyed it. I did not have to do my professor's work. I develop a research agenda instead.
I'm tenure-track faculty at a very large, research-intensive state school now. My salary is where I'd start out at Google as an engineer with a PhD, because the university has recognized the need to compete with the private sector. I chose not to take the Google job at the time because I wanted to run my own lab, but the decision was close. I now have a few PhD students, some very limited grant money coming in. I do have to teach: some of it is fun, and I'm trying to give something back to my "customers" without spending valuable time on it (which I need to spend on research).
I do see some people that work crazy hours. They tend to either be very good at what they do, or they go for every grant opportunity they see (and still have a poor success rate). With the low chances of getting a proposal funded at certain important institutions (like NSF, NIH), I feel I need to economize and only send in core work.
Yes, a lot of teaching is offloaded on teaching faculty with year-to-year jobs. Science is not in their career goals, but they are much more dedicated educators. Given the poor preparation and an attitude among our undergrads to "pick up a degree" in lieu of "learning something profound", I think this is the right choice. We do not work with adjuncts all that much, but it's widely agreed that working as an adjunct for more than a year is labor of love, not a career.
I'm happy with my job for it offers plenty of intellectual and practical freedom. The downside is having to live in a college town rather than in NYC or SFO, or in a much more interesting European city. I'll live with this trade-off.