Don't know exactly what the op wanted, but I'd be interested in hearing about how much elective time during 3rd year people have at different schools. You can't really judge one school's curriculum without knowing how others do it.
No "elective" time during M3...at least in manner in which you guys are using it. But I do think my school does a good job getting us to see a variety of fields during the third year.
During surgery, we get to do two 2-week selectives from a decent size list including: trauma, ER, transplant, optho, ENT, ortho, peds, pedi ortho, urology, pedi urology, and neurosurg. There might be a few others I've left out.
Our Peds clerkship has been changed since I went through it, so I don't know all the details exactly. There's an option to do a community based track that's 1 week of newborn nursery and then 7 weeks of outpatient clinic. The university track includes a week (two?) of a specialty selective.
Psych has 3 required components: 3 weeks of inpatient, 1 week of substance abuse, and 2 weeks of outpatient in which they generally try to rotate you through a variety of settings - child, PTSD, etc.
OB/GYN: no choice in the matter, but we do 2 weeks of L&D, 1 week GYN ONC, 1 week GYN Surgery, and 2 weeks outpatient clinic.
IM has a 3 week selective - neuro, ID, Pulm, GI, rheum, hem/onc and DEM (no cardiology for M3's), or time in the VA "admitting area" (since the VA is not a true ER), or with a private practice clinician in the community.
Family, we go to rural towns throughout the state for 8 weeks, and the docs out there usually let you do as much as you want. Some locations are a little more structured than others, but it's generally a well received clerkship.
There's not any vacation in the third year outside of the school wide designated breaks.
Fourth year, we have no required sub-I's (though most people do at least one), but we do have one required basic science elective month.