10-12 years for a Ph.D. sounds like a very long time. What field are you planning to going into? I have heard about some humanities fields taking many years like that. 4 years is more common in math and applied math, although it varies between schools.
Personally, I am sort of turned off by the professor track because of the extreme competition and pressure to publish (at least until you make Associate, but that takes several years) together with the generally low salaries, even though that is the normal career track for mathematicians. And I don't think I would enjoy teaching anyway.
