I'm an RN and I worked a year in psych and after that have worked exclusively in long term care. I love it! There is much better work life balance working 8 hour shifts and I love how most of it is just protocol and procedure. As others have mentioned, there is a lack of "status" compared to working acute care, and there can be issues with moving from LTC to acute care. Once you get to know your residents, you can predict a lot of things about your shift and learn how to prioritize very easily.
I, however, don't care about any of that. I love knowing my residents well and I like the lower acuity and think that it translates to lower levels of stress. I also make more in LTC than many RNs in my area working acute care. I'm not sure what that's about, but I think it may be because most RNs would rather work in acute care.
There is a big push to get RNs into leadership roles in LTC settings. I worked as a shift supervisor for a while, but they let me go back to working the cart after I pitched a fit about management trying to write me up for their mistakes and a general lack of transparency. I might not be able to be at my current job much longer because there are rumors that corporate may not be allowing RNs to work the cart (aka not in a leadership role). That doesn't stop LPNs from still viewing me as a resource or someone to solve complex problems, LOL.
There is definitely a lot of chaos and bad management in LTC. However, that can work in your favor because if you're an actual good employee who shows up on time and does your job well, you generally can work there as long as you want to. There can be some stress and hesitancy at some places wondering if night shift is even going to show up.