> Nearly 20 years later, is that the career badge that you'll always feel good about?

Well, if the result work has negative connotations, you wouldn't even mention it (especially after 20 years). However, as you said:

> enough that she (and her firm) got paid a lot and maybe even did landmark work

At the end of the day, that's what mostly matters. Sure, some people believe in what they are doing and put insane hours, but most just do it for money. And if they manage to get a lot, then yeah, it was all justified.

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> Second, the wipe-out rate is pronounced but not catastrophic

I agree with this -- people who are deeply invested in their projects are often already do the second shift. So if you are motivated enough, that's kind of the same, plus people can be in a position where they have no external obligations (often when they are young).

It is bad long-term, but for a relatively short term for many it is a decent gamble.