I'll preface this by saying that the peds hospital at my school is a major tertiary care center and one of the best children's hospitals in the country, so interpret my comments accordingly. However, as I am possibly interested in private practice peds ortho, I did ask a lot of questions.
Intelectually and personally, peds ortho seems to be a very satisfying field. However, monetarily, the attendings and residents that I spoke to echoed a lot of the above thoughts. It is very difficult to be a community peds orthopod.
First and foremost, as a surgeon you make money by doing surgeries. Peds ortho is a relatively non-operative specialty within ortho. As a result (excluding the spine/tumor guys), we would see between 60-80 patients in clinic on a given day and schedule, maybe, 5 procedures. Most of our time was spent reassuring parents that their kid's intoeing was nothing to worry about. We also saw a bunch of kids who really had neurological problems, but, since it takes 3 months to get a neurology appt vs. 1 week in ortho, all the primaries would send them to us first. Conversely, on my joint AI we would see 30-40 patients with arthritis and schedule anywhere from 5-15 procedures depending on how many of those patients were post op follow ups.
Second, most (or at least a lot) of the surgeries that you do in kids will be fractures. I can't count how many supracondylar and t condylar fxs I saw, and school was still in session when I did my AI. That means a lot of office time devoted to fracture follow up within 90 days (i.e., you don't get paid) and not much follow up after 90 days (i.e., when you can get paid).
Third, lifestyle as a community peds guy--depending on your situation--can be very difficult. If you live in a state that is at the horrible end of the malpractice spectrum like I do, the trend is for adult orthopods to refuse to touch kids. Hence, the local peds guys get hammered. Conversely, the community hospitals around our children's hospital send all kids here, regardless of severity of injury. As a result, I can't imagine that there is much left over for the community guys.
Finally, there are the issue mentioned of chronic problems (e.g., MRCP, MMC) and patients without insurance. I can't really address the insurance issue. However, I have been told (by an attending on staff at both) that the acute vs chronic balance is very different between a children's hospital and a shriner's hospital. Maybe others who have been at both can comment about which is more similar to community practice.
Again, this is what I've been told by a group of academic attendings. If anyone has info directly from a community peds guy, I'd love to hear it.