I'll give you my experience with it, but I haven't had the typical career. The first job I had, I was the only Windows programmer out of about 6 mainframe programmers. They wanted to convert from the mainframe to the Windows world. I worked hard for awhile, then the project stalled, so I'd go in and surf the net for 8 hours. The company was real messed up and the management wasted so much money that I didn't feel bad about it. Even if I wanted to work on the product, there was no one to answer my questions. I emailed my boss with about 10 questions I needed answered before I could go further, and the only response I got was an e-mail saying "Thank You" three days later. These weren't programming questions, they were business questions.
Then I got a job at a bank. They had some real crappy programs they'd run to load spreadsheets into the mainframe. They wanted me to fix up the programs. The process worked but took about 6 hours. Would have taken maybe 15 minutes if the original programmer knew anything. Anyways, the bank was in its busy season, so no one had time to work with me, so I just fooled around and surfed the net for 8 hours a day. I was on a contract for a couple months, then 1 week after they hired me full-time I got another offer for 20 percent more money, so I took that offer.
This next job was also a joke. The company had just been acquired by a large corporation so they had a budget to hire more programmers. They hired me and I wrote a few programs and fixed up anotherr program they had. Then the big company changed their mind about my company. The web programmers had a lot to do, but the three Windows programmers had nothing, so the three of us wasted time. I did this for maybe 4 months.
People may flame me for taking money and not working, but in my opinion its up to my superiors to give me work.
Then I quit to go into business with my mother, who is a former CEO of a software company. I work out of home doing all the programming for our company. I just finsihed a product which we hopefully will be able to resell to other clients. I always hated it because the programs I did write for companies were always sold for huge profits that never translated into more money for me. This was I get to keep a share of the profits, even though there is more risk.