Since I have no frame of reference other than nursing in the US, I couldn't really say if it's better or worse than anywhere else. Although, I do have a friend who decided to move to Vancouver after getting his nursing degree and he says he likes the Canadian health care system more than the US's...
Basic ward setting probably = Med/Surg in a hospital I would guess. You're probably looking at 7-10 patients with various ailments and that are stable enough to not need hourly monitoring. That's where most new grads are most comfortable. The pace won't cause you to have an aneurism and you usually aren't dealing with crashing patients (not always, but usually). The pay is decent and some of the women I'm in school with really like it. You do get to see a very wide range of patients and problems. Just not my bag... I like the higher acuity patients and smaller patient loads.
Medicine for the elderly = Nursing home, i'd figure. Personally, I wouldn't ever work a nursing home, regardless of the pay (kinda depressing for me). Patient loads of 25-30 patients in various degrees of decline are common around here. You spend more time handing out drugs than anything else. I felt like a pharmacist, not a nurse, when I had/have clinicals there. The risk of making a med error is higher, IMO, just because of the sheer volume of drugs you're shoveling out every hour. Some people I've worked with love doing long term care/hospice work... and the pay is usually a bit higher, $1-$2 an hour more than the hospital here. It takes a different kind of nurse to really love long term care. They usually have more patience than I do.
If I had to recommend one over the other, I'd say try a Med/Surg job first and talk to the nurses who work there. You'll find a lot of them have worked in the nursing homes for short stents...
Now I actually have a question for you. How do you feel about European health care? I've been tossing around the idea of possibly trying to get a job in Holland, Spain, or the U.K. just to see if I like the EU more than here.... I know I agree with the EU politics generally more than the US's...