Don't want to drag this out into an argument, but I think you'd agree that ob/gyn doesn't exactly have an easy schedule - I still found that I didn't need to study as much as I did last year, and that my studying was more efficient. It's not like my life is totally relaxed, but compared to last year it's so much better because I'm not constantly worried about obsessively reviewing things to keep everything fresh for some upcoming exam. I truly believe that the key is to read about your patients' conditions while you're in the hospital, and to use what you read in writing your assessment and plan. And then getting feedback right away about it. Then when you're studying for the shelf, you can pretty much skip over the topics dealing with those conditions, because it all sticks in your head so much better when you can remember a specific patient and what you did for him/her.
I think the main difference between 2nd and 3rd year studying is that in 2nd year you're learning everything for the first time in a kind of fractured way. In 3rd year you use the information you look up right away, so it's reinforced in a very practical way. For me, that makes it much easier to remember things - I don't have to go back and review it over and over again to make sure I memorize it all.
Sure, you can get pimped on obscure facts, but you're pretty much expected to not know it. If you do know it, great - they'll just ask you something you don't know. And when you don't know it, you go look it up, which is pretty logical. Totally different from last year when you did need to know all the obscure facts in order to do well on exams.