I've been reading these boards on and off since my husband was in his residency almost 10 years ago, though it has been years since I have been on here. A little bit about me and my experiences- I have been married to an Orthopod for 12 years. By his side from Med school on and always very involved in his career decisions. I worked in Healthcare Admin, but haven't worked in 6 years.
First off, OrthoDoc is an incredible resource. He has been here forever, always posting realistic, practical information.
I would echo what PP's, esp OrthoDoc, has said about lifestyle. You absolutely can get a very reasonable lifestyle in Ortho. And, depending on how you frame your schedule and practice, that does not necessarily have to mean that you give up income. My husband specializes in F&A and we were in private practice in a small city of about 100K in our home state of Texas. His income was very, very good, largely because he owned 1/3 of the PT and MRI in town. His 2 partners were wonderful. He worked about 35 hours per week from Day 1. However, we just left and started at an Academic program in a highly desirable city in the West where we will probably make half the money. Why would we leave such a wonderful practice arrangement? Because my husband was not busy enough in his specialty in that sized community and felt his skills were not being fully utilized. He did not feel challenged. There was nothing to do in the community. So far, we have been here in our new location 3 months and there are things he likes- and many he does not. Time will tell if this was the right decision. In any event, it positions us well to continue on with Academics, or go back into private practice.
Never Say Never. When my husband started, he said he ONLY wanted to be in private practice, and now he is in Academics. Sometimes, your wants and needs change. To the OP, you said you did "not care about job satisfaction", but that will change. If he is not being challenged, if he has issues with his partners, the hospital etc, this will adversely impact his satisfaction, and he will start finding reasons to not be happy. Remember, this is a job, and you are not always 100% happy with any job.
Pick your community carefully. A community the size we were in of 100K was just not large enough to support someone who wanted to do 100% subspecialty work, at least not in F&A. I am surprised OrthoDoc said there are 10 Orthopods in his group. That seems like a lot for such a market, but perhaps Iowa City's catchment area must be larger. Find out about where you will be working. How many hospitals will you cover? What is their reputation? Will it be easy to get block time? I could go on and on.
Pick your partners carefully. You are in business with them. Depending on your legal entity, LLP, PC etc, things they do can affect you for good or bad. My husband's partners in private practice were wonderful. The hardest part about leaving was leaving them. On the flip side, there are still a lot of shady people out there. We encountered several as we interviewed in the past year.
OK, I know I strayed a bit from the original question about lifestyle, but I hope this helps a bit.