I know that T4C has a mostly clinical position as well and seems quite happy with compensation. Also keep in mind that a clinical faculty position at an AMC is probably better in most cases than other clinical positions (in terms of salary and prestige). I think of clinical jobs as fitting into two tiers.
Tier 1: Solid AMC or other hospital positions, Private practice owners or non-owners with a really good split, VA or BoP jobs
Tier 2: Just about everything else (CMHC, Private clinics, most private practices, contract work, etc)
Most people I know of in Tier 1 are fairly happy (maybe not with their hours outside of the VA, but like their work and compensation). Most people I know in Tier 2 are either not satisfied, or make it work because a) they are able to supplement their income by piecing together other part-time clinical positions or b) They only work part time and are happy with that (e.g., save money on daycare for kids). At least from what I've seen, there are a fair amount of part-time opportunities out there. Hospitals and other places can save some money by just giving you a part time contract.
When i was on the market last year (major metro area), I looked at everything (clinical positions were the last resort, but I payed attention). I saw more ads for the Tier 2 positions. There WERE some Tier 1 positions, but more commonly I saw the Tier 2 stuff. The Tier 2 ads usually were the MSW/MA/MA/Psy.D./Ph.D. combo searches. One other trend I noticed was that many openings were looking for pediatric specialists.
On the academic side, I'll just say that there were fewer local openings compared to what I saw for clinical. It would have been much easier to get a clinical job, although it may not have been a Tier I job. There were very few tenure-track positions. An interesting thing I noticed was a fair amount of openings at Psy.D. programs. I did not apply to any of these (was advised it would taint my credentials). Most of the hires they were making seemed to be for a niche (e.g., hiring for forensic track) or they wanted a DCT, presumably because placing their students is a stressful job.