There is a major shortage so I think in terms of location, you would have a lot of options since so many academic medical centers lack a pediatric rheumatologist. You will see a lot of lupus, JIA, dermatomyositis, and other connective tissue diseases. I see these as some of the most chronic of chronic diseases. Probably not a lot of absolute cures, but an opportunity to provide a dramiatic improvement in quality of life. Keep in mind a lot of the meds you use have a ton of bad side effects and can be frustrating to use, and some of the newer better meds are soooo expensive, that they are not an option for many families. You will have your share of really sick kids, many of whom most treatments are pretty useless, as many of these diseases are very debilitating and involve every organ system, especially lupus.
In general, pay is not that good since you do a lot of clinic, very few procedures (if any). Like endocrine in this respect, you spend a lot of time perseverating over lab tests.
I think rheum (along with endocrine and ID) is a great choice for med-peds people, since you can easily do a combined med-peds rhem fellowship and be very marketable after fellowship.