I'm actually a type 1 diabetic, and from the UK, but I think this site is mostly US.
You're right about the worries - I'm only just coming to terms with the scare stories, as when I was first diagnosed some 15 or so years ago (at the tender age of 12) the doctors and nurses thought it appropriate to tell me that it's likely for me to have heart disease, blindness etc (they even showed me a picture of a man who recieved a medal for living for a few years with the disease without dying!). They even brought on a hypo for me to show me what it felt like! Thankfully, that practise has now stopped and we are living in an age where we are actually very capable of living a good life! I wouldn't call this disease fun, but there are so many illnesses that are much worse I sometimes go so far as to consider myself lucky (though somedays I don't - ha ha ). There will be a cure in the future - we just have to make sure we keep looking after ourselves until one is found.
I'm finding that diabetes is now dealt with quite well in this country. We are given blood test machines free by our specialist nurses at the hospitals, we get all our prescriptions free, I have a great team who I can contact whenever I feel the need. Hope this goes towards helping you to see another view! Although I'm sure it's not that different in Australia!