Bscalis,
I got the phone call a few years back but chose not to take the position. My interview experience was very similar to yours, and I understood the expectations. I talked to current and former Lakes pilots, and I think it would have been a great group and incredible flying. If I lived out west in/near one of the bases, I probably would have taken it, but because I would have had to commute, I passed due to family constraints at the time. I don't think Lakes is a bad move for someone going in with their eyes open. The pay isn't great, but you aren't paying for training, and the flying will really hone your skills!
Good luck, and blue skies!