There are several employment options for teaching English in Korea.
Hagwons
Most English teachers work at hagwons, or private academies that offer classes in the mornings and/or evenings. hagwons are also where many of the employment horror stories of Korea come from. Just about everyone in Korea knows of someone who got screwed by a hagwons, if they haven't been themselves. Hagwons are general owned by individuals or chains but can also be affiliated with university or academic institution.
English Program in Korea (EPIK)
Another option is the Korean Ministry of Education sponsored English Program in Korea (EPIK). After a horribly rough start with numbers going from 600+ to 50 overnight, the program has started to address some of its many problems. There are still countless issues, from people not having places to live when they arrive, to being mistreated by their supervisors and co-teachers, to everything in between. You will, however, get paid on time every month and will not have to worry about the dirty tactics of hagwons, such as firing you just before your contract ends in order to not have to cough up your severance pay.
University Positions
University positions have the most vacation time, usually between 3 and 5 months per year depending on the school. Teaching hours are also generally much less than at hagwons or public schools.
Other Teaching Options
Some teachers also work at English schools affiliated with universities or other academic institutions, while others are employed directly by companies to teach their employees exclusively. For those people lucky enough to have the proper visa, teaching private students is a good way to make great money and being your own boss is always less hassle than working for someone else.
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i am a 2006 epik teacher and i have lots of good things and a couple of bad things to say about it... mostly, i thought that orientation was really good. it's the kind of thing that you only get out of it what you make of it... and i think that i made (or tried anyway) the best of it. a lot of people complain that you don't get paid for that time... etc... but really it's like a free 10 day vacation... sure you're told what to do most of the time, but we made the best of our spare time, and the field trips were pretty cool. if you've never been to korea before this is a great way to learn about the country and culture in a non-threatening way. it helps ease you into things. that being said, my actual employer (the school board of my city) had no idea that i was coming until the day before i got here... thus, no apartment was ready, which, when you are expecting one, can be a little shocking. things eventually worked out and for the most part, i think all of the other epik people i know have (after only a month) really gotten comfortable in their respective schools. oh, and i'm possibly the only epik recruit who did NOT get paid on time... but that (again) isn't the fault of EPIK, but the school board that i actually work for.
i think the best way to look at epik is as a great recruiter... not only do they meet you at the airport (like all the others) but then they take care of you too...instead of dropping you off at some random school hours after arriving. it gives you a chance to get over the jet lag, to feel a little more comfortable in a foreign environment, and make some good friends all over the country... what more could you want? go epik!
**note that not all epiks feel this way - i guess they did a good job brainwashing me!!! hahaha....