I can't speak for every company out there, but I worked at 2K / Irrational Games through the Bioshock days. Things may have changed in the last few years. I left several years ago to work twelve hour days, 7 days a week, for no pay at all in my own company.
You have to ask yourself what you want in life. Do you want to spend years working on B grade games nobody has heard about, or do you want to work on a AAA game with a huge budget that everybody is talking about.
Do you want to be the best, or do you want to be some average joe.
If you want to be the best you have to work hard, and you have to fight, and you have to put aside some other things in life. And if you're doing it, you will expect it of the others around you.
If you don't mind being a member of an average team making average games, well you can have a better work life balance.
It sounds a little harsh, but I honestly think it's as simple as that.