I don't have it (knock on wood), but it's in my family all over the place, so I know a lot about it. It's a shitty disease to get because it tends to bring all kinds of other crap with it. Diabetes itself won't kill you, but the complications it leads to will if it isn't treated properly.
One of my cousins got it when he was in his teens and basically described it as a lifetime diet. As for shooting yourself up with insulin or medication, it's my understanding that is all unnecessary if you eat and exercise right...and the insulin resistance can even be reversed to some degree after a few years of proper care.
On the other hand...my best friends mother in law is type 2, weighs 300+ lbs, eats massive amounts of food every time I see her and doesn't seem to give a shit. I'm shocked she hasn't keeled over by now.