I'd take the cash- unless of course the contract seemed to have no loopholes... but there are always loopholes, and $hit happens- so I would take the cash.....
You guys really think $1 mil is worth more than eternal contentment? $1 mil is alot of money but its also really just enough to provide an upper middle class life for the rest of your lives w/o working. $1 mil invested = roughly $35k or so a year after inflation is adjusted. Thats the same lifestyle of someone with a $48k a year income.
of course i'd still take contentment even if it were $10 million.