LDRPs are the only thing I've ever worked with, so I don't have the opposite experience to compare, but I can't imagine working any other way. I admit a woman, labor her, deliver her, and care for her and her baby until dismissal. Can't get any better continuity than that!
I would be bored, I think, if I only worked in one of those areas all the time. It's nice to get the chance to do it all. As nurses, we kind of take turns taking the labor patient. For instance, if I had a labor and delivery last night and tonight we have one in labor and a few postpartums, I'll take the postpartums tonight and the other nurse will take the labor. If another labor comes in, I'll probably take it. We just try to split the labor that way. We're a small unit and work pretty well together most of the time.
There are some cons to LDRPs.

When we get really busy, we don't have the staff necessary sometimes. Plus, we don't have designated nursery staff and no NICU, so if we get a mildly sick baby that needs to be in the nursery, that immediately requires one nurse to remain in the nursery. We usually only have 2 nurses and 1 aide on per shift, so if 1 is in the nursery... that leaves 1 nurse to do everything else!

That's when we get on the phone and start begging people to work extra shifts!
I'm sure there are different issues wherever you go.
Overall, I love working in an LDRP unit

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Good Luck to you!