Hi PublicHealth,
I was a little confused about how to answer your questions, as I'm not sure what your background is and what specifically you want to know about the field. But I'll give it a shot (sorry if it's too basic).
I'm assuming that you've already read a lot of what has already been posted on the psychiatry section about why other people have chosen the field. (If not, I believe there's a "why psychiatry" thread out there somewhere").
As far as typical work day, I don't know that there is a "typical" day since many psychiatrists do such varied things during the week. I guess I'm not the best authority on this, as I have not yet started residency, but I can tell you what some people I've met during interviews/clerkships have done.
A good number of residents start out working on an inpatient unit at an academic center right after they graduate. On my clerkships, the attendings would come in around 8:30 am for morning report (where you hear how the patients did overnight). Then they would run team meetings, where the residents/students discussed the patients and treatment plans, with more time spent on new admissions. Then, the attending would see the new patients with the residents/students. The rest of the day would be spent making treatment plans, having family meetings and meetings with social work/nursing, teaching residents, and seeing some private therapy/pharm patients.
There are other psychiatrists who work mainly in private practice, and who see a mixture of psychopharm and therapy patients in their private offices. Others do consult-liaison psychiatry, forensics, child, etc. A lot of psychiatrists are involved in teaching, research, or public policy work. It's so varied, though, that it's hard to do justice answering the question.
As far as the advantages of pursuing psychiatry as a career, I think each person has their own reasons. Some commonalities I have seen are:
1. Interest in working with underserved/mentally ill population
2. Fascination with the mind, from biological and psychological viewpoints
3. Love of introspection and ability to learn about yourself and how you can use your own mind as a therapeutic tool
4. Flexibility and variety in what you do with your day
5. Interesting/philosophical, humanistic, supportive colleagues
6. Ability to help patients deal with profoundly personal issues, in a holistic way (i.e. looking at social environment, childhood influences, biology/genetics, personality dispositiion)
Are there more specific things you are interested in finding out?