Pulmonologists are generally very busy. Training is usually coupled with Critical Care. Pulm alone is 2 years following an accredited IM residency or 3 if coupled with Critical Care.
Much of practice as a pulmonologist involves managment of COPD, asthma, pulmonary interstitial diseases, TB, possibly lung transplants, myriad autoimmune pulmonary diseases, and diagnosis and staging of lung cancers. Consults may include HIV lung diseases, pneumonias, TB, etc. Unfortunately, my experience pulmonology, namely mgmt of the chronic patients, hinted to me that there is often not a whole lot you can do for them but try and maximize remaining lung function. Plus COPDers are notoriously noncompliant.
According to the Glaxo-Wellcome surveys, Pulmonologists, like Cardiologists, often work as many or more hours per week than general surgeons and specialty surgeons. Time is divided between office practice, consults, and ICU coverage. One Pulmonologist I spoke to spends 2 weeks in office, covers the ICU for a week and then goes back to the office. Mind you, covering the ICU means that you practically have to be there all the time.
Procedures, although not as extensive as cardiology, include diagnostic and therapeutic bronchoscopy including bronchial stenting, lung bx, placement of arterial, central venous catheters and Swan-Ganz catheters, vent mgmt, tracheostomies, intubation procedures, doxycycline pleuradesis.
I am aware of a few academic pulmonary groups (Univ. of Indiana) that do some video-assisted thoroscopic surgery (VATS), but this is probably limited since this is also an arena of the CT surgeons.
Pay is about what you'd expect for an IM specialist...around 200K per year, but very variable. Fellowships are not competetive, well behind cardiology and GI.