I'm going to side with the "Boredom at work is hell" crowd. Meeting the expectations of my bosses at this job takes me about 5-10 hr/week, leaving me with 30-35 hours of desk time to fill. Originally I filled it by getting better at computer programming, and ended up writing some awesome programs to do a lot of data analysis work for me. Cool! Oh, wait, now I have 2-5 hr/wk of work to do...
It gets very frustrating, and can have a huge impact on the rest of life.
If you have the opportunity to take the boring job but work from home, then I think that would be a great option. You'd have a lot of free time to be able to pursue other interests, or work towards starting your own business. (This, btw, is my current plan to improve my own situation). If that's not an option, I'd absolutely take the more challenging job. A few extra hours per week in exchange for being interested, and engaged would be a great trade IMO.