Rotated on a few ortho peds services as an M4, so take this with a grain of salt. I'm certainly not a practicing orthopaedist.
Pros:
-As one of the last bastions of "general orthopeadics," you can operate on upper extremity, spine, hip, knee, foot, ankle on the same day (that'd be a busy day though...)
-Huge case variety. Everything from 16 hr marathon operations to 45 minute ditzels.
-Research in the field is interesting and thriving.
-Operate on kids with only 6 yrs of training (compare this to the g surg pathway)
-Nice people, not many of the stereotypical "ortho" personalities in the field
-Kids do well, generally speaking
-Kids aren't at fault for their pathology, generally speaking
-Pediatric nurses, nomsayin?
Neutral:
-Compensation could go either way, depending on your practice.
Cons:
-A lot of congenital stuff, where the outcomes aren't as clearly awesome as they are in other areas of ortho
-Lots of CP kids, which can be less gratifying
-Lots of child abuse, also less gratifying
-You see a fair share of tragedy in peds trauma cases
-At the beginning of your career, you will work like a dog. Tons of clinic with low operative yield, and tons of ER work. This gets better with time though.
-Infections.
-Crazy parents.
-not many of the stereotypical "ortho" personalities in the field (I tend to like these people, so its a con for me....)