I interviewed at Memphis last year and can confirm the observations by exPCM.
Minuses: The program is divided through multiple hospitals, including the county place (with academic staff), St. Jude's, and two private hospitals with private practice groups. My understanding about surg path at the private practice rotations was that it was basically shadowing. Preview some cases and then signout; seemed like residents didn't have much opportunity to workup cases independently. Your rotations are scattered all around these places, as I recall. Conferences are only once a week (since everyone is spread out). First-time boards-passing rates were below average.
You'd have to have a very tight grasp on a program like this to make sure that residents are getting trained effectively, and it seemed at the time that they weren't making sure of that and that you might easily fall through the cracks.
Plusses: lots of fellowships including Derm and Heme. The pathology at St. Jude's is rumored to be wicked-crazy. They claimed that PA coverage was such that you could gross as much (or little) as you wanted and no one cared. Memphis, although crime-ridden (#2 in the country by some statistics), is a major city with big-city amenities. If you wanted to work in the south, it seemed as though they had a large network of graduates (the program is really old) that you might hook up with.