Prop trading vs. quant development

Hi everyone!

I'm stuck between 2 career path options, and any advice would be appreciated:

As a background, I went to a non-target, and have been in the business for about 3 years. 2 spent at a prop trading shop, 1 at an exchange.

1) Stay on the current track. I'm doing quantitative development of index products at one of the top players in the industry. The work is somewhat interesting, but the comp doesn't justify the hours. It's partially my fault for not knowing the market rates when accepting the offer. Also, there isn't a visible way up, as the company uses a "flat structure" to keep costs lower.

I'm currently interviewing at a number of firms for quantitative development roles, to make a diagonal move up.

2) I received an offer to come back to the prop trading firm (non-quant day/overnight trading) , that I voluntarily left a year ago. They provide all trading capital. However, it's all comission, with a very minimal base. I fully understand the risks and rewards involved. The skills are very niche, and from many conversations with veterans of the firm, they see the day trading business as declining, as 95% of assets of the firm have been allocated to other groups. However, those few that are successful have excellent lifestyles and work - life balance.

My question is: what are your thoughts on the prop trading industry today. Which option would you take given the same history, and why?

Thanks a lot!