Residency in Germany is easier than in the U.S. However, I've heard it's tough to get a spot in many fields, especially for foreigners. Call is nothing like here- Germany has strict laws about work hours and those apply to physicians as well. There is some overnight call, but it's not nearly as much as you would do here and you get much more time off than here. Of course, German house officers still complain that they're overworked and compared to the average German I'm sure they are, but it's all relative- it's nothing compared to what U.S. or British house officers go through.
The pay, however, is worse than in the U.S. and that's true across the board. Even senior physicians in Germany earn considerably less than their American counterparts. There is also a huge over-supply of physicians in Germany, so that makes finding a job a bit tough sometimes.
The German physicians I know are very happy in their field. However, they're in relatively benign fields like psychiatry, so I can't speak for those in surgery or OB.