How good/bad is sharepoint programming?

SharePoint can be frustrating at times. It's a "maturing product" according to Microsoft, so when you do something wrong, you get nice errors like "an error occurred" or "cannot complete action". CAML is something that requires great patience. The documentation on it is not very good and you can waste a great deal of time over a stupid syntax error.

All in all, it's a decent platform, but it will probably cause you to get gray hair sooner than your peers.