The basic goals of Baylor are research, education, and service and those are the realms of academia. Academics does not always mean research. Historically it has, however there are purely clinical faculty members that just teach residents and present cases at conferences. In the research arena there is basic science and also clinical research (including case reports, clinical trials, epidemiology, outcomes etc). In fact, the clinical research papers have higher "impact factors" which are used by most departments and colleges for promotion purposes. Next is Education, that can mean as already mentioned that you educate in the medical school didactic, graduate school didactic, medical school clinic, or resident spheres. Finally is service. This means administration, committees, and getting the schools name out in the community and throughout the country and international either through treating patients, educating, fundraising, etc.
Not as narrow as you originally presented it.
As far as MD/PhD, well that is typically used for basic science research and the majority of those programs want students that dedicate to at least a 25:75 split clinics:Research and the time frame pretty much excludes some specialties (or at least makes it impossible to have any other sort of life outside of medicine and research). Is one way or program better than another? No, choose your own path and be happy and you will be successful. If you go to a school that stresses academics and they ask you about it, well spout off something as I explained it above- e.g. you are interested in clinical faculty positions/teaching/writing up clincal papers/getting involved in clinical trials. Dont let the facade of academia scare you away- and no there is no such facade or academic door you must walk through at Baylor. Here, you choose your own path and they are well aware that some students will pursue clinics and some research and some teaching/clincs etc. They just have multiple avenues and tracks to foster and promote the progression of students along their chosen pathway.