All this talk about the frustration reminds me of my current employer. You can pay $250k/yr with NO risk and some, if not most are still miserable. So the working conditions would not be any different for me.
As far as risk/reward goes; I'm more concerned about a nuke going off nearby than a mortar, in which case the lack of shelters may be a moot point.
As far as waiting for the visa, giving up your passport; would you rather go into Baghdad and get your visa yourself? I would be torqued if I missed a flight because of a visa delay. How far in advance can you request the visa?