I respectfully disagree. O5 command continues to be an incredibly challenging, frustrating, humbling and incredibly rewarding tour that is ever changing and challenges daily, the innovation, creativity and yes, "patience" of the front office. The problems will never go away, in fact as you get older and seemingly lose touch with that "younger" generation, will continue to test your skills and abilities. Bonus money and QOL issues aside - having the opportunity to impact the lives, careers and success of future generations of Sailors is something you can't put a price on. Ask the next O5 CO what he likes most about being in command - don't listen to what he says, look in his eyes and "watch" what she/he says . . . .
Your disagreement illustrates the key factor which is inborn reverence for the role and idea of command. Personally I don't have it but plenty of great folks do and godspeed to those people.
I remember at the Academy we had this O-6 Battalion officer who would choke up constantly when talking about "the sailors." The thing is that this guy actually would describe the things that were getting him teary so we all knew the behaviors that were making him cry. I recall thinking "wow it must be very emotive to watch a sailor wake up early to stand duty" or "boy when they salute you going off the brow it must be a very emotional thing" or "jeez having a Chief stand a couple of extra sections of duty in port so every last derelict sailor can enjoy liberty must really be a tear jerker." However, then I got to actually see in person all of the things he described, thinking of that exact Captain on many occasions, and it just didn't have the same impact on me, at all.
Some people are moved by sport, some cry in art museums, some at church, and some people are really into the Navy. If you are thus, then CO is the actualization of this partisanship. I will say that I find some comfort in the opinion of 3 ex O-5 COs that I have actually been able to honestly engage. Two were former DHs of mine. All 3 similarly conveyed that "it's not what it's cracked up to be" - rarely in so many words - in terms of the amount of influence, job satisfaction, etc. You nailed it with "frustrating." I think there is a lot more admin and basic watchstanding involved than advertized, and I will also say that so far my manager in the civilian workforce is twice the mentor, leader, etc, than any CO I ever had... really... and I was flying missions during the peak of our most recent wartime.
I will say "where's the beef" when it comes to command as I saw it, and like everyone else, I was looking carefully to find the substance that everyone glows about.