Psychiatry is very much a community based specialty so it certainly makes sense to be at a community based program. If you are interested in forensics you would do well to pick a program that has some state hospital experience or at the very least exposure to jail or prison psychiatry. Forensics is probably the only competitive psychiatry fellowship and even then it is only competitive at a few places, there are still open fellowship spots this year at many places, including some good programs. Also the programs in california tend to fill pretty early regardless of whether it's a good program or not. If you have designs on a particular fellowship then it might be better to do your residency there (for example this year UCSF didn't even consider outside applicants for their fellowship and filled internally). For fellowships in other psychiatric subspecialties it is very common for people from programs no one has heard of to do fellowships at name brand places because nobody wants to do fellowships. However, most people change their mind about what they want to do when they go to residency so it is best just to choose a place where you think you will be happy and not close any doors.
Also there is a false dichotomy really, as many of these so-call "university" programs are all/mostly community based. also some of the most university based programs have innovative community psychiatry experiences (like columbia which is about as far as you can get from a community based program). The truly great programs have the best of the academic medical center and community/public psychiatry exposure. Some academic programs have a county hospital as the main training site (like NYU, UCSF and UW). The only things you miss out on are research opportunities and a more limited c/l exposure. Also, depending on the program, the psychotherapy training may not be as robust as some of the academic places (though this is not true for the programs Leo mentioned). And some community programs like cambridge health alliance and wright state (i wouldn't consider this a "university" program) are heavily psychodynamically oriented.