It will be pretty miserable for the first colonists. But that's true of any endeavor like this. Some goals are worth suffering for, even if the individual will never see the payoff.

And I don't like to begrudge people for their optimism. Optimism, well-grounded in a long-term vision, can be incredibly helpful in overcoming adversity on the way to audacious goals. In other words: fake it til you make it.