Ok... So just for discussion purposes, I'll reply...
1) The question, at least in my fellowship mind, seemed to be whether or not doing a fellowship can offer job security (and for people coming out of training, I am assuming the question is "Does it help me get a better job?"). Given that this is a resident forum, the question applies primarily to those graduating from residency soon and contemplating a fellowship. So comparing an OB fellow to somebody who has placed, say, 10,000 epidurals in many many years of PP.. is completely besides the point. Why don't you compare somebody who has done 10,000 hearts or 10,000 neonates to a cardiac or peds fellow? Following your line of logic, there is no point in doing a fellowship ever because somebody 20 years out of training has more numbers and more experience than a fellow. If that is the point you are trying to make, then you are wasting my time.
2) Did you read my post above? I clearly remember writing about doing an OB fellowship in a busy place with lots of high risk OB-- in a tertiary academic center, you actually do take care of patients that you won't see in smaller community hospitals. Now I am sure you perfected the art of googling clinical information, but I am going to go out on a limb here and say that is NOT the same!! Can you believe that...
What is your point of arguing anyway? I have not invented the current medical landscape, it is what it is and I am stating facts here. You want an academic job? Two candidates being otherwise equivalent, the one with the fellowship gets the job. You want to join a practice that does lots and lots of a given subspecialty? Fellowship sure helps you, everything else being equal. Shocker!
And about your emperor comment...