Cant tell you about actually working as an Architect BUT I can tell you all about getting the degree.
Firstly, it is VERRY VERRY time consuming. If you want to do well, you must be prepared to put in at least a 60 hour week during term, I personally would have averaged about 70, some weeks, a few days before a submission was due, I (and most of my fellow students) were putting in 16 hr days, Usually didnt sleep the night before a submission. This wasnt through lack of preparation.
This is because Architecture is SO SO SO subjective. You can do a design that one lecturer thinks is so great they praise you as the next Alvar Alto (if you dont know who he is you'd better find out) and the next will tell you your design lacks depth and is rubbish.
We had tutorials in groups of about 7 to show and explain our designs to our tutors and they nearly always wanted you to make major changes on the last tutorial (the day or 2 days before submission).
Most uni's have a 2 degree propgramme, the first being a 3 year degree that basically doesnt qualify you to do anything but is good if you decide to do on to do another degree in a related field eg: construction management, Town Planning etc.
The you have another 2 years in the next degree, which most unis now call a masters of Architecture.
Once you pass this second degree, you then have to get a job in the industry and fill out a log book with your experience in different fields (as you complete these competancies), this is a minimum of 2 years, THEN you sit a series of exams, and if you pass those, you THEN have to sit a board where a panel of registered Architects quizzes you to decide if you are of sufficient character to be admitted into the RAIA as a registered Architect.
It is noteworthy to mention that the RAIA jealously guards the term Architect.
You CAN NOT call yourself an Architect unless you are registered with the RAIA as such. Anyone calling themselves or advertising as an Architect who is not registered can be proscecuted.
I did the first degree, had my daughter the following year and went back to 4th year the year after that, when she was 5 months old.
I found it just about impossible to handle with a small child with the amount of hours required and had to drop out. Didnt help that hubbie still thought I could do all the things that full time housewives do. He wasnt very supportive actually which is what tipped the scales for me. You must have your partners full support and he must be prepared to take on a great deal of the chores that you currently do.
It can also be a tad expensive with all the materials you have to buy for your drawings and models as well, some students with rich parents spend ALOT on their models which can make yours look very ordinary.
I had friends who got jobs in Architects offices as CAD jockeys after 3rd year (they like you to work in the industry for a year between degrees) and about 1/3 were so dissallusioned with it that they left and never went back to uni. Contrary to popular belief, the wages arnt that good. One friend of mine after 3rd year was earning less than her flat mate who worked in the deli at Woolworths. After 5th year the pay is more but still not great. Most Architects are not earning big bucks, they do the job for the love of it.
Having said all that I LOVED uni and Architecture and still have major misgivings about not continuing, the only thing stopping me is I need the money a full time job brings at the moment and will do so for a few more years. Plus Im now on the wrong side of 40 (although I was a mature age student, finished 3rd year in 2005), and I fear if I go back that at my age it will be hard to get an entry level job, especially in Newcastle where I want to stay. I earn now what a grad would earn, so 2 years without a wage wouldnt put me in front, but I also fear that I will regret following my head (staying where I am) and not following my heart (Architecture) on my death bed.
I still have a passion for Architecture and oddly I love finding new building materials, have a look at my Shipping Container House thread, this is the kind of obscure things you end up interested in once you start uni.
http://www.somersoft.com/forums/showthread.php?t=56465