Hamster
Resident Rodent
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There are plenty of departments in corporates that do very interesting and very sophisticated software development. I'm in one now (and I wear jeans and a t-shirt to work). My previous job wasn't a software house either, but had close to 1500 software developers working on projects ranging from the mundane to beyond the cutting edge. I have been very well compensated by both, due to the fact that I have skills beyond just "pure SW".
I think that you will find that your assertion is a lot more (but far from always) true for junior dev's than senior dev's. E.g. Banks don't hire senior dev's with 20+ years experience or say 10+ years experience and graduate degrees to sit in a corner and write some isolated application (as Camikazee suggests), although Camikazee is correct that this could easily happen to a junior employee.
I swear you are the first corporate developer to come out and say the work is awesome. Very interesting read indeed