Having worked in both academic and public libraries for a number of, I can say with certainty that my preference is in the public sector as its more interesting and you never know what kind of challenging questions you might encounter. I also feel that I've made a much greater impact on people I've helped while working in the public library, which is obviously much more rewarding.
I would recommend this career to people who have a wide range of interests but can't seem to settle on any particular direction. Librarianship is one way for an educated generalist to find gainful and meaningful employment.
I think I probably would do it over again if I could, though I think I'd do it differently.
As stated above, the job can be very rewarding in that you can really make a difference in people's lives by helping them. However, some people have the misconception about librarians sitting around all day reading books and such. I wish this was part of the job, but sadly catching up on reading has to be done on your spare time.
Library school prepares future librarians with surprisingly little useful training. It's advisable to work in a library in some capacity while earning your degree to get valuable experience.