Speaking from my personal experience, and having slowly (too slowly) working up the corporate ladder glory is what you make it.
If you love what you do, and cherish the battles there's plenty of glory to be had. The issue is that everyone is different from both a support and end user perspective.
My problems can be summed up fairly readily though, and some were already clarified above.
IT Managers are usually from external sources so do not know how the business runs, as all businesses operate differently even if the same field (ie. one bank will utilize different systems from another).
IT hardware/software decisions seem to be made on the golf course with no input from staff.
Cutting costs is put priority one over everything else, even if it does not make sound business sense.
For example, our business recommends a global IT staff/end user ratio of around 300 to 1. I work in our head office building and actually had to fight my boss to be allowed to stay here when they farmed out IT to a cheaper location. End users, for the most part, do not want to deal with remote fixes. They want people to come to them and fix problems. I support around 300+ physically in one building and it's too much sometimes. Especially when companies are notorious for making you work as much as possible for the least amount of money. My job title does not include VCC support. It does not include IP Telephony support. It does not include Network support. It does not include Server build support. I do it all though, because if I didn't the business would be affected.
I know it's a lot of rambling, but it's the state of IT and it's hard to get it all together. The only hope is that the next generation of people getting into this field realize it's as much about the smarts as it is about the people.