it depends.
i'm an engineer, so i like to make stuff. my idea of a good time at the beach is building sandcastles.
before i got into game development, programming was a hobby (obsession?). and not just any programming would do. writing hard disk managers, operating environments, and integrated packages was my idea of fun. i probably would have tackled executive information systems next if i hadn't written SIMTrek.
for me, when game development was just a hobby (all six weeks of it) it was about what was more fun, working on SIMTrek, or playing something like SIMCity v1.0. so needless to say it depended on what games were available at the time for playing. if i had a cool game to play, i'd play more and code less, and vica versa.
now that its more than just a hobby (i'm a lone wolf indie), its still about what cool games are available to play, but with the additional motivation for coding that comes with game development now being "more than just a hobby".
when i run out of cool stuff to play, i always wish my games were finished so i'd have something cool to play. then i go back to something like the sims, elder scolls, total war, or silent hunter, play til i get bored, then get back to work! <g>.