I think to be the life of the party, in it's mainstream cliche' meaning, would be exhausting, emotionally and probably financially as well. It often looks like the people who worship the "life of the party" are kinda sad, lonely and somewhat boring themselves most of the time. I would guess that is why they are attracted to the "life of the party" antics, for the distraction and filling the void.

So, my choice is "Happy & content but considered boring & not funny" because I really do not have the time or patience for people that need to be entertained by others too much.