Very well put, a nice mix between "job" and "fun". Except that most employers want their employees to do the "job" part of everything and do any "fun" parts in their spare time.
I think that good employers want their employees to enjoy their jobs (and hence, have some 'fun'). I manage a few folks, and want them to enjoy their work.
Of course, it's not all sunshine and puppies--there's grunt work that just has to get done, and everyone takes their share.
Crappy employers of programmers just want to exploit employees, just like crappy employers of other kinds of workers.
That's a shitty employer; 1. it's sadistic to require programmers not enjoy their work 2. if you've got a bunch of bored programmers you're going to lose your top-tier men and women to more interesting jobs.
