Yeah more than happy to comment on it. Ultimately, it is a really good opportunity if you have a pretty solid idea of what specialty you want to go into before entering medical school. From that perspective, it allows for an earlier introduction to mentors in your field of interest, as well as time and cost saved by foregoing the fourth year, getting you to where you want to be faster. It also saves the stress of applying and interviewing for other residencies (although you are more than welcome to apply out if you desire).
The only caveat is that if you are applying into a competitive residency (i.e. plastics, derm, etc.), those paths will be much harder to get into for the 3-year pathway due to the limited spots and research required for some of them. When I interviewed originally, my tour guide mentioned that only one student had gotten into derm in the past two or three admitted classes (do not quote me on that though, it was a while ago). That is not to say it is impossible, but just something to be aware of.
If you are accepted into the 4-year program and have filled out the tertiary application, your entire application (I'm pretty sure; possibly only the tertiary) is sent to the residency program that you selected, and they will reach out regarding an interview. This trip will be reimbursed by NYU (up to $600). (Additionally, you can join into the accelerated pathway two other times, either at the end of your first year or the end of your second year, depending on how many spots are remaining in your program of interest.)
In terms of the actual interview, I was back for internal medicine and met with the director of the program this morning. He first walked me through portions of Bellevue while he talked about the hospital, the roles and domain of the residents, etc. From there, we went up to his office and had a more formal interview (which was completely conversational and relaxed, however) about my interest in the program, how it would look in conjunction with my medical education, and so forth (I ended up getting gifted a book lol). The entire process was about an hour, and was pretty fun.
Tl;dr I'd definitely recommend looking into the program if you have a pretty good idea of what you would want to do in the future (or at least a general sense) to save time, money, and get you being the doctor you want to be faster!