I'd say welcome to the 70% of people who hate their job, and most aren't well payed.
I'd also say what you describe is symptomatic of a lot of people mailing it in because they don't care if they get fired. But they're simply efficient and knowledgeable enough to get by as a mediocre performer.
Unless you're talking something of a career change, I'm not sure why you'd need to take a paycut, especially in this economy. Don't quit your job and don't be in a hurry to move on, and I bet you can find the right opportunity without settling or compromising.