I'm in LD, and I think it is looked down upon by the other branches of civil. As a matter of fact, I distinctly remember telling a highway engineer what I did, and he laughed and sarcastically said he could use another mini-storage near his house. I think structural is the only one justified in their lofty self-importance over the lowly LD engineer. (I suck at the structural engineering and am awed by them somewhat).
However, I chose LD for several reasons.
1. You are close to those that bankroll projects. If you are a sub of a sub of a sub, you are far far away from where the transactions take place. I think that it is to your benefit to rub elbows with those close to the purse. Investment bankers make a metric assload of money because they are in close proximity to where money changes hands.
2. You do a little of everything. Every type of discipline is represented on a LD project. If you decide you want to learn geotech, stormwater, traffic, structural (blech), water resources, utilities, etc., you can apply all of this on your project. I would shoot myself in the head if I had to design one thing all the time. THE KEY IS TO GET ON BOARD A MULTIDISCIPLINARY FIRM THAT HAS REPRESENTATIVES IN ANY/ALL OF THESE AREAS. They can teach you. Do not get on board with a firm that subs out all the real engineering.
3. It would be cool to be a developer one day and I would like to do my own engineering. If I ever come into millions to start doing my own developments, I will be well prepared to cut out a portion of the expense if I can do it myself. The alternative is being heavily into construction so I could actually build the project myself. However, the overhead of a startup construction company is astronomical.
4. My personality is well suited for LD. You have to be an outgoing type A (or at least it helps). I like to perform, speak publicly, argue, talk on the phone, etc. Clicking a mouse button all day is unappealing to me.
The bottom line is that you can learn as much or as little of real engineering as you see fit. If you have something to prove, or are hung up on prestige, go get a masters to show you can cut it academically.