why wouldn't I want to own this?
Higher dividend paying stocks are generally not growth oriented companies so their price appreciation is usually slower than other stocks. So it depends on whether your goal is growth or income.
Also, you have to research and be comfortable that the companies you choose will continue to pay those dividends. Look at their history.
When was the last time they raised their dividend? How often do they increase their dividends? What is their dividend payout ratio? Is the dividend sustainable or is it only a temporary attractive dividend yield?
Case in point: Radio Shack. Six months ago RSH had a dividend yield of over 10%. They suspended their dividend recently so their dividend yield now is 0%.