I love psychiatry because of the patients I get to interact with and help. You get to deal with everything ranging from mood disorders to addictions to eating disorders to schizophrenia and much more! You have many options as well, to work in the private sector, to do research, or to work in academics and train future psychiatrists! The big drawbacks are definitely that medicine in general is becoming "managed care" or more like big business. Doctors are getting frustrated that we have to see patients quickly, deal with the red tape of insurance companies, etc. But, if you have a passion for the field, I would definitely recommend you pursue your dreams!
Its great to help people with mental illness. however, there is little respect from other physicians. People can be very rude to you especially chemically dependent or personality-disordered patients. The pay is not very good compared to other specialties but ther hours are reasonable and the training, past medical school, is not as intense as surgery for example.