Last month a poster here described his difficulty completing a PhD in LQG, which caused him to switch fields. This is a 4 September post by Javier in an ElJose thread about "quantization of Minkowskian metric". The point is, whether or not quantum gravity interests you, concrete CONDITIONS may cause you to study string theory----funding, availability of thesis advisors, job prospects, desire to have conferences to go to, a postdoc position, colleagues, tenure.
Javier's story is quite mild and par for gradschool, but it was told here at PF just last month and illustrates how other considerations besides interest affect choice of field.
---------------------------
...Certainly Carlo is one of the important players in the development of the loop formulation of qg. I had started my PhD work with a friend of his, Lee Smolin, but he left after a couple of years for a new institute in Waterloo, Ontario, so that ended that. Then I went over to the "dark side": the string/supergravity camp.
Consequently, I am familiar with Smolin's development of loop formulation of qg (which he worked on with Roveli). But after some time, I realized that this formulation was taking a back seat and something borne out of it was taking the center stage: spin networks. Some people still use the term "loop qg" to decribe the non-perturbative qg program, but that term doesn't properly title the program...it played a role, though.
There are currently two attempts at quantization of pure gr. One is the "canonical" quantization program, which uses spin networks as a basis for a space on which operators (like the area and volume operators) act. This network then represents a (quantum) state of space. There are a number of constraints in the theory to take into account, and all but one was. The remaining thorny issue is how these networks should advance in time; that is, how is the Hamiltonian constraint applied?
The second method is the "covariant" quantization, which is the analog of Feynman's sum over histories in point particle quantum mechanics, represented by "spin foams". These are like "world-foams", the time advancement of a spatial graph. But how exactly the spin networks (which are graphs) in the canonical formulation relate, if at all, to the spin foams is unknown.
Check out Abhay Ashtekar's review articles on the arXiv for some of the story.
John Baez has written popular stuff on spin foams.
------------------------------
Recently I've noticed more new people working in quantum gravity in Europe and Latin America than in USA. There seem to be more postdoc positions and more financial support for LQG abroad---Germany, France, India, Argentina,...
So people who were in this country a couple of years ago seem to be percolating out.
The String "party" seems to be so influential both in the agencies that decide funding and in the popular media that whether we in US like it or not we seem to be putting all our eggs in a string basket. I hope this imbalance is addressed before more damage is done.