Don't do it.
Seriously.
EDIT: I'll flesh out my response more fully:
1) Unless you are a superstar in your class (and your school has a history of churning out quality lawyers), you won't sniff 100K in B'ham for a while. As for your loans, your mileage may vary, but I'm paying out $1K a month in loan payments. It puts quite a crimp in the take-home pay.
2) This will vary from job to job. Typically, the more money you make (large firm) the more you will work (80 hrs is not unheard of). Lower paying jobs (gov't positions) require less office time. In theory, you ought to be able to meet your hours and leave whenever you want. In practice, you won't be able to bill that much per day. There is so much administrative bullshit that eats your time, you will need probably need the full week, if not more.
Some firms will take associates that only want to be associates. They simply make it clear that you will never be nominated for partnership. These jobs aren't as stable. In lean times, these guys are the first out the door.
3) Very tough job market.
4) Sometimes. Just like any job, there is a lot of bullshit that comes with it.
5) It's not nearly as lucrative a job as you seem to think.
My statements here are reflective of my own experience. Others' experience may vary. I am painting a pretty bleak picture because I know more unhappy lawyers than happy ones. Unless you have a burning passion for it, don't do it. And then only do it if you have the opportunity to work closely with a lawyer for a while prior to enrolling in school.
All of that said, my current job as in-house counsel is fucking great. No billable hours, flexible schedule and a great boss...beats the shit out of any firm job I ever had.