Hey dude,
You and I share some interests. I've been considering PhD (got into some really good schools somehow) vs. a PharmD.
I have been involved with a considerable amount of research since "Day 1," including the upsides such as getting to travel overseas to present research, and the enormous autonomy that is afforded by a PhD.
But I have also been exposed to the downsides, namely i) no matter how much you love your research topic, it will inevitably become dreadfully boring, ii) research is unbelievably competitive (when you are a student, faculty, etc.), iii) grant-writing, iv) negative or null results, v) long hours, vi) low compensation for amount of work put in. It will *not* be your golden ticket, whatever that means.
Only do a PhD if you have a sick & twisted, insatiable love for research and some burning research questions you *must* investigate on your own.
I must say that I categorically disagree with the post above mine which intimates that a PhD is not stressful. Let me tell you straight up, that a PhD will bring you the type of stress, that of which you have never seen. A PharmD, while arguably stressful, during school, and as PharmDstudent said, when working, does not compare to the stress associated with being a PhD-level researcher.
With all this being said, if you are good (and lucky) enough with your research,then after slaving away at a post-doc, you *may* outcompete the 100+ other qualified applicants for a faculty position, and even land the job. Then, you get to look forward to 60-80 hour weeks full of service obligations, teaching, setting up your research, grant-writing, paper-writing, basically slaving away. I think of a PhD like being a student for the rest of your life, there is always some deadline to meet.
Still, after all of this, being a PhD-level researcher can be a very rewarding career in the distant future, like 20-25 years from now. You might be a full professor or in a management/director position at a cancer center, health dept, pharmaceutical company, etc. In all of these cases, your pay will easily exceed that of 95% of pharmacists, you will have considerable independence (in terms of your hours, what type of research you want to do, etc.), and have some influence over the direction of your organization (academic institution, pharm company, etc.). You will also come across great opportunities like collaborating with other brilliant people in your field, mentoring new students, etc. and traveling to conferences. But again, none of this comes easily, and if that is what you think a PhD will bring you (and this is influencing your consideration of a PhD_, then I would recommend against it.
You could always still try for med school since it seems like that is what you really want.