I didn't have a chance to read through through all the comments, but the thread seems to have 2 different groups of people that will never see eye to eye.
All I want to say is...
1) I want to encourage SouthBelle to talk to some residents including PM&R. If there are really that few specialties that you are interested in, it is worth checking out. I didn't suggest NP and PA (or heck CRNA's who make $100k+ starting and work 40 hrs/wk....even in academic settings) because it was the easiest, but because it might be a CAREER that might interest you more.
2) You said that the lowest paid doctors get paid $140k. You might want to check your facts on that. I know peds and IM docs in places making $80k/year. While $120k might be a good average for primary care docs, $140k is a bit high for most G.P.'s.
3) It seems like most your observations about work hours come from being a patient or being with famiy members who are at hospitals. Most IM docs I know round after they leave their offices, on their way home, which is why you see some of them at 7-8pm. The longer hours you work, the more you make in private practice, so they are just trying to make a few bucks more. If you want to take a pay cut, you can work less too (many female attendings here only work 1/2 time).
4) Each person has their own reasons for entering medicine. Typically there is an direct relationship between hours worked/length of residency/difficulty of matching and pay. I know when PM&R presented to us their field they mentioned you can make it what you want to be. If you just do epidurals all day, you can make a lot, but if you do other stuff, you'll make less. When you work for yourself, you can take more vacation, work fewer hours, and all those things that you consider "lifestyle" considerations, but they will just cost you money...you'll make less because you'll be seeing fewer patients. Private practice doctors (since you don't seem want to go into academia) dictate their own salaries and are eantrapenuer's (sp?). If you want 20 wks of vacation per year, you can do that, but don't expect a $200k salary from it.
Good luck getting through the next 8 years....