I'll try to be as unbiased as possible, but as a PGY2 in the program, I'm obviously invested. WPIC/Pitt is a research juggernaut, and being at a tertiary academic purely psychiatric hospital (276 inpt beds just at WPIC) has its pluses and minuses. The clinical training is very good, better than many, I'm sure there are programs that do it better. If you want to do research in just about any area, you would be hard pressed to find other places that match or that are superior, NIMH, maybe UCLA, UC Davis, Columbia, McLean/MGH, Emory, I think at last count we duke it out in any given year with UCLA for #1 max NIH funding of any single psychiatric department, ~$80 million annually. Pittsburgh is a cheap housing market, my wife and I are 15-20 minutes from our respective hospitals in a decent middle class neighborhood, with a 1 stall garage and 3 bedrooms for $75,000.
Other benefits include ease of moonlighting beginning in PGY2, there are a lot of opportunities at WPIC, so you don't need to travel, from C&L moonlighting, to doing primary care medicine moonlighting, or emergency room, C&L transfer H&Ps.
Given the research, it is a heavy neuroscience/biological focus, but we have a number of neuroimaging and psychotherapy studies, given the size of the department, we have supervisors in all the core therapies, IPT, CBT, psychodynamic, MI, and if you want electives in family, EMDR, DBT, and just about any other flavor of therapy. We still have a psychoanalytic society too if you feel the need to lie on a couch.
At the end of the day it's more about fit than prestige. Come see the program, meet the residents, get a feel for the atmosphere. So much more important than the numbers. I'm a MD PhD research guy myself, but only 1/4-1/3 of any given resident class seems hard core for research, most of our residents just want good clinical training, and with the Pitt name to help them with fellowships or decent private practice/academic placements after training.
I like it, I would pick it again as my #1. But to each their own. Good luck.