As a hydrologist, I was able to find employment with a local city. This has been a great combination of science and policy, and because I work to provide water to the community, I get a sense of satisfaction. I would advise people chosing this career to not neglect developing their other skills, such as critical reading, writing, project management, and public speaking. As a scientist, you often fend for yourself, and are responsible for communicating your work to lots of different kinds of people. You will have the best luck in the job market if you are both a competent scientist, and a good communicator.
The pros of this career include the amount of time you get to spend in the field when you first begin. In addition, you get to work with really facinating people, and learn how your expertise helps other scientists, and vice versa. The cons are that the field work declines as you gain more experience.
Something to keep in mind if you're considering hydrology, is that it is important to understand both water quality and water quantity issues. Even if you just want to focus on water quality, I would recommend spending some time learning about hydrogeology river systems, and ecology. It's important to have as much of the big picture as possible. I would definitely chose this career again.