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Burnout and the hours (holidays, weekends, etc.) can be tough when you have a family/kids.
EDIT: There's obviously tons more reasons, but these are the two that turn me off a little from the field.
http://www.medscape.com/features/slideshow/lifestyle/2013/public#2 if you look at the first chart in the slide, it shows EM is at the top with over 50% burnout. This is smiliar to another chart i saw in another thread a couple weeks ago.
My brother is an ER doc and his experience has been completely opposite of what you described. In fact, a big reason why he chose ER was because of the hours and family friendliness of the profession. He works 4 days on, 6 days off, 10 or 11 hour shifts, and is never on call--if he chooses to cover when he's not scheduled, he gets a $1000 bonus from the group. In fact, he's picking up a part time gig at a local urgent care for his days off. He rarely works more than 15 shifts per month (usually 11 or 12). Half of the time I call him, he's at home playing with his kids.
I would imagine the turn off for people is that it pays relatively less compared to many specialties. Granted, it's not bad money -- I think he pulled in around 300K last year -- but low compared to orthopedic surgeons, cardiologists, anesthesiologists, etc. I would imagine another turn off is the hours. My brother works a rotating schedule of 6am - 3pm, 11am - 8pm, 3pm - 11pm, 8pm - 6am.
I guess prestige is probably lower than other specialties too.