I don't recall seeing any statistics published by the ACP, but my program director did tell me they have seen a ~5% drop over the past few years. I hope that it will be more substantial this year with the advent of the 80 hr work week and more people who wanted to do surgery going for it. I definitely haven't seen that in my class though, out of my class, apparently, ~40 students have met with my IM program director expressing an interest in IM. I think that my class is an anomoly though, I haven't heard of this jump in IM interest at other schools. Actually, a friend of mine who is going to a top 5 school told me that only 3 people in his entire class were applying to IM, and that his school's IM program wants to recruit ~10 students to go to their IM program alone, so they are all essentially guarenteed a spot in IM at their top school. I think that ER, radiology, derm, anesthesiology, and hopefully surgery and it's subspecialties will be up this year drawing away top notch candidates from IM making the field a little less competetive. I haven't observed that the applicant field has actually become less competetive though, I know that many in my class who are AOA, top board scores want to do IM (at my school too, which will probably result in me not matching here) and some of the stats that people have been posting here on this website have been incredible. We will see though, these trends can be tricky to predict as lifestyle and salary fluctuate (probably the two most correlating factors when it comes to competetiveness of a specialty).