Pay is often about the same as a generalist, maybe more to start. When I was interviewing in fellowship, some places wanted to start me the same as the guy fresh out of residency, others gave a little extra (maybe $25k) for the extra year of training. As with everything pertaining to the academic market, though, there is a lot of regional variation. In the part of the country where I am now, academic jobs start in the mid to high 200s, even for those with fellowships. I have a colleague in the Midwest, though, who's total comp is closer to 500.