Your logic is circular at best. Sure, you can learn something on an IM month that will make you a better EP. But anything you could learn there could also be learned somewhere else, with higher density.
Let's play the thought game. Everything you said that makes an IM floor month worthwhile could also be done with a month of IM clinic. So go through all of the posts above and replace floor with clinic, and see if the meaning substantially changes. Because it won't.
You want to respond to codes? Make it part of your ED responsibility like they do at LA. Then you can do it all throughout residency, instead of just one solitary month.
Literally everyone has said something to the effect of "if it's a good month", but then doesn't quantify a good month. I'll wait for everyone to jump in and announce what makes floor medicine and only floor medicine worthwhile to an emergency physician. Something they can only learn on the floor, and not on, say, MICU, or neurology, or any other rotation where you're upstairs reading other people's notes.
And clearly, no matter how hard we work on any service, we still rarely get any respect from those upstairs. Yet they make us have the same workload as any other floor scutmonkey. And we apparently can't make them equal to our interns when they come to the ED. So why waste 28-31 days on that?