It boggles my mind how people look down upon others for "chosing a specialty based on lifestyle". I mean, this IS what we are choosing to do for the rest of our LIVES and (believe it or not) our lifestyle is what we should be living for.
I feel very sorry for people who do not consider the specialty as a whole when choosing what field to enter. Those are the people who wake up at age 50 and realize that they busted their chops for prestige/respect/money or whatever, and they let their life just pass on by. If you want your life to be your profession, more power to you! Just make sure you realize that you are choosing that when you make your ultimate career choice. For those of us (like myself) who have considered the pros and cons of all the specialties and have found an excellent match, there is NO SHAME in considering lifestyle as a huge factor in that.
Do not be in denial about the difference in hours/call/financial reimbursement/respect/patient population/ and procedures conducted between each of the specialties. Find out what you like and chose accordingly. Make sure you like the work and make sure you like your life. If you try to pick a career without thinking about your future monetary and lifestyle situation will be, you will probably end up in regret later. Not to say that those are the only factor, but they are still factors.
For the people who ultimately choose EM, lifestyle is usually a factor, but it is rarely the only. If you were really only concerned with lifestyle and money, you would go into ENT, Ophtho, Rads, Anesth, Derm, etc. All of those make lots more money, get more respect/prestige, and still just as good of lifestyles if not better than EM. So, to say it's purely based on lifestyle is false... you've got to love the work down in the trenches and have an appreciation for disease and diagnosis too.
I think one of the most ironic situation is when IM or surgery residents get paged down to the ED in the middle of the night, and all they do is complain. The best is when they b!tch about how we have it sooo easy compared to them b/c we're a "lifestyle" specialty. "Too bad for you" I think to myself... They chose that lifestyle, so they can deal with it. If you are unhappy with the job you chose, then it's your own fault. No need to complain to me... I am happy with my choice.