Its a tricky one. As you've eluded to, airport work is pretty badly paid with highly antisocial hours and pretty poor working conditions. However it is a job which, if you're the right sort of person, you will enjoy and thrive in.
There are plenty of people who do the job because they've fallen into it, i.e. they got a job on check-in after leaving school, and moved into dispatch because it pays a little bit more. These are the type of people that have little interest and don't take pride in what they do. However if you actively show an interest, work hard (i.e. get them planes out on time) and don't make too many balls ups (this means
asking for help when you need it). You will do well and you will be more likely to be retained for the winter or next summer.
In terms of the future, its pretty difficult to say. I'm not sure who you got the job with but I assume its a handling agent? If it is, life tends to be slightly unpredictable with airlines changing contracts and companies going bust/being taken over. This means you won't be able to say with much certainty that you will be working for the same company next year, or indeed that you will even have a job. You have to consider whether taking a 50% pay cut for this uncertainty is desirable. I bet if you put your 'sensible' hat on you know what the correct answer is right?
However, there are plenty of opportunities around. By getting a job as a dispatcher straight out (you mention no previous check in experience etc) you must have impressed someone. If you continue to do so, moves into operations depts may be in order; perhaps to handling agent ops, and then on to airfield or airline ops. From then on the skies your limit and you may end up one of them awful people in pin stripe suits running the airport/airline... But hopefully that won't be for a few years yet.
So in summary,
think carefully. You will be sacrificing a secure job with a huge pay reduction. The novelty value of being 'in charge' and getting on and off planes soon wears off. Passengers/crew/other staff will talk to you like crap. You have a Masters degree; the job isn't
that intellectually stimulating (no offence to dispatchers out there; I worked as a dispatcher until I attained a PhD). And also that 5th 4am start is a bit of a
But, you probably will enjoy it. Watching that plane push back on time is pretty cool. You feel like you've achieved something. On the whole, the rest of the staff are a great laugh and you look forward to going into work. There are plenty of prospects there, but you have to shine to get them. And... driving the jet bridges is fun.
Good luck!