Good points, but on the other hand what kind of research contributes more to clinical medicine? Not exactly an apples-to-apples comparison (by definition), but I think your average published epi study has a lot more to do with changing clinical practice than your average basic science study (and therefor those who do change clinical practice through basic science definitely deserve kudos).
Would you rather your endocrinologist be in the middle of completing a large RCT or in the middle of a study of the molecular genetics of Type I diabetes? The former, almost by definition needs to understand current clinical practice, whereas that's not necessarily true with the later. I would like to argue that those doing clinical research must have a better understanding of clinical medicine as it's practiced today, since their lab is the clinic. Also, those doing clinical research are in a much better position to be able to evaluate the applicability of new research. Now, perhaps MD/PhDs who run labs and spend a significant amount of time doing clinical work could also claim this.
If you were a program director, would you be more inclined to rank highly an applicant with significant basic science research experience, or an applicant with significant clinical research experience? I would lean more towards the one with clinical research experience, since that's (a) easier to continue in residency, (b) be more applicable to the resident's "day job", and (c) much more likely to contribute to the practice of medicine in a tangible way in my lifetime.