I'm curious if my current experiences as an intern are representative of actual industry.

As background, I'm through the better part of two computing majors and a math major at a major university; I've aced every class and adored all of them, so I'd like to think that I'm not terrible at programming. I got an internship with one of the major software companies, and half way through now I've been shocked at the extraordinarily low quality of code. Comments don't exist, it's all spaghetti code, and everything that could be wrong is even worse. I've done a ton of tutoring/TAing, so I'm very used to reading bad code, but the major industry products I've been seeing trump all of that. I work 10-12 hours a day and never feel like I'm getting anywhere, because it's endless hours of trying to figure out an undocumented API or determine the behavior of some other part of the (completely undocumented) product. I've left work hating the job every day so far, and I desperately want to know if this is what is in store for the rest of my life.

Did I draw a short straw on internships (the absurdly large paychecks imply that it's not a low quality position), or is this what the real world is like?