WholeLottaGame is correct. This is basically another way to go to become a triple/quadruple boarded in peds, anesthesia, peds critical care and peds anesthesia (I say quadruple because a peds anesthesia board exam is on its way). If you just end with the five year program you're only left with being a general pediatrician and an anesthesiologist...THEN you have to go down the PICU fellowship route (three years) and the peds anesthesia fellowship route (1 or now even 2 more years). So we're talking 9-10 years of training. Or you just do peds anesthesia (1-2 years) or peds CCM (3 years)-- but I argue that you don't need to be a pediatrician to be a peds anesthesiologist and you don't have to be a peds anesthesiologist to be a peds intensivist. But some, like me, want to do both peds OR and PICU, so this long program would now be the only way to go.
The problem with all this is that as a med student, I think it's really difficult to know so early on that this is your lot in life-- and it's a HUGE commitment. I started as a peds resident, and two years in knew that I wanted to do Peds CCM and get the anesthesia training. But as a med stud? Your vision has to be VERY clear. And I'm not sure how one can have this perspective so early on. But if you do-- kudos.
Another reason to do this five year peds/anesthesia program is perhaps if you want to head a peds sedation service somewhere-- but then I argue you should get the peds anesthesia fellowship training. There is a huge need for practitioners that can devote themselves to sedating children in the hospital for minor procedures-- a huge cost-saver from the OR side, and the safest thing for children everywhere.
To answer your question about competitiveness-- I would imagine it depends on how quickly this program is catching on...I would bet that it's a small group that has the perspective or desire to enter such a specific and long training program from the get go. If you have a clear reason for wanting to do both and meet the "stats" desired for the most competitive residency between the two you're applying for at a particular institution, then I think you'll do fine. For example, at Hopkins, peds and anesthesia are both very competitive, so you'd have to make both teams happy.
For those of you who are applying to this program-- educate us-- what's your vision for your future and why this program is right for you?
Good luck.