Roswel, didn't you just post a little while ago about Hem/Onc's reimbursement rates? I think you should be educating us!
Anyway, this is a difficult question, and the real answer is to just do what you love, if you don't love oncology, don't do it.
However, if you look at average salaries, per hour, a hospitalist's salary is similar to the average med oncs. The difference is that there still is a much higher ceiling with onc and after surviving cuts already, partners still make a very high amount of money. It's hard to know what will happen, they have been talking about cuts on this forum for nearly 10 years, and cuts have happened, and the results has been an increase in the starting salary, not decrease. I think where the cuts really affect med oncs is with the partners who used to make a ton off of chemo revenues. They have decreased, although they still make quite a great deal, much more than nearly any hospitalist. Look on the merrit hawkins website to see what the current and recent past average salaries and ceilings have been.
If you love and want to do oncology, I wouldn't hold back because of the salary. It will be ok, and if doing private practice and making a ton of money is your thing, I think it will still be very possible.
Good luck.
