I really enjoyed my OB/GYN rotation, and strongly considered applying in the field. However, it really depends on where you do your rotation. I was able to deliver several babies with only a midwife standing behind me to help if I needed it, or guide me if I wasn't doing it correctly. I cut cords, drew up cord blood, and was 1st assist in several procedures. However, even at my school I know of people who rotated at places where they were never allowed to help with a vaginal delivery and had very little hands-on experience. Perhaps it's due to legal issues, an unwillingness to engage on the part of the student, or likely some combination thereof. Also...some people just don't like dealing with genitals.
As many have said,
OB residents are worked like dogs, many times longer hours than surgery, and yet have nowhere near the clout in a hospital environment as surgeons (I imagine this depends on where you're at, but it is generally what I've heard from residents/attendings in the field).