Here is my take on it (had one a year and a half ago or so):
1. The prep is definitely the worst part. When you have to drink the half-gallon (I've heard some do a full gallon) of stuff in an hour, it's not so much that it tastes BAD, it's just that you have to drink 10 ounces every 10 minutes. That doesn't sound so bad, but after 3 cups or so you really just can't stand the thought of having any more, then you realize you're only half done. Not to mention that by this time you're on the toilet constantly. Again, I didn't find the taste awful but the quantity was too much.
2. You said you wished you were awake. My sister's anesthesia wore off in the middle of hers and she said it was incredibly painful. I slept through mine and felt no discomfort at all after I woke up. Be thankful you're sleeping through it.
As for needing one every 5 years - my doctor said he thinks there will be a non-invasive procedure within 10 years - we'll see. I'm sure you'll still have to clear yourself out first and like I said, that's by far the worst part.