As I am currently doing the Path fellowship at the University of Utah. I thought I would give my 2 cents for anyone interested.
After I did not match last year I was devastated. All my advisors told me to not even think about doing an internship, as this would add nothing to my application except bags under my eyes. They told me the path fellowship would give me a great knowledge base for residency and also help me to improve my CV. I had decided to go into ophtho late and really didn't have great LOR's or ophtho experience. So although I had had 8 solid interviews, I think these things came back to haunt me.
So the Path fellowship at the University is is a great opportunity to boost your CV in the research and ophtho experience category. Not only do we do path, but we also do a lot of cutting edge IOL research. In addition we do H&P's prior to surgeries and work as recovery technicians for the eye bank to make some extra money.
Dr Mamalis is a great adviser. He is currently co-editor-in-chief of JCRS and yet I have gone mountain biking and to basketball games with him. Very smart and still down to earth. Up until this year he was also chair of the admissions committee at the University of Utah, so he also has some good advice for interviews.
Although the initial post on this thread makes it sound like its an automatic for matching in the coming year, I would have to temper this sentiment a bit. There are three fellows per year and the stats for matching have sagged a bit. Over the past two years one fellow has not matched each year. I think this is simply a representation of how much more difficult the match is becoming. If you are looking to cover up bad board scores, or a poor performance in med school the fellowship might not help. If on the other hand you just need to get a strong LOR or add some items to the last page of you application this is the place for you.
As a note there are other places to do Path fellowships. The publicized ones are the University of Utah and Bascom Palmer. I think they both pay the same but cost of living in Salt Lake City is considerably less. Other places I have heard about include Iowa, Emory, Mass Eye and Ear, and possibly University of Wisconsin. I don't know if any of these other fellowships are paid, however.
In the end I think my suggestion would be to contact each of these programs. Talk to them and see what you think. They might have a better track record for matching. It is possible that doing the fellowship at Bascom Palmer looks more prestigious and that this in turn translates into a better residency spot.
In the end I am very happy with my decision to come to Utah. I interviewed at Bascom and did not feel like it would be a good fit for me. My year at the University of Utah has been an awesome and I have learned a ton. My CV now has around 6-7 more publications on it! I feel I will be well served for the rest of my career.
Best of luck!