Alright... I've cut through a lot of the childish, rambling, incoherent bickering on this thread... and now you're going to read what I believe (and I say this as a person who applied to MD and DO schools, got into niether, and I am now looking to do a SMP to get into MD schools in 2008):
The majority of people who go to D.O. schools also applied to MD Schools, but did not get in. This is because it is much, much harder (going by personal statistics -- gpa/mcat) to get into an MD program than a DO program. For example...
the 28 MCAT/ 3.57 gpa stat for MSU was called roughly equivalant to a middle of the road MD school. That's not true, the average MCAT of a matriculat at all MD schools is a 30.4. A 28 MCAT average is basically the bottum rungs of MD programs (and yes, there is a huge statistical gap between a 28.0 and a 30.4). Furthermore, MSU is pretty much the statistically toughest DO program in the nation.
In the end, many people who are rejected from MD programs, but accepted by DO programs will go there because they want to be a physician, and they don't care about the degree that it takes to get them there.
As a result of these two phenomena the DO degree is less respected than the MD degree... nonetheless DO graduates can get the exact same jobs, with the exact same pay as MD graduates. Let me say that again, stressing the operative word... DO graduates can get the exact same jobs, with the exact same pay as MD graduates
The road to a competitive position is much, much harder, and much more rarely travelled by the DO graduate. The majority of DO graduates are in primary care partially because of this.
Still -- there are those rare (lets be honest DO folks... this is rare) cases where a person will turn down an MD acceptance for a DO program. Therefore there must be some perceived advantage to a DO degree vs. an MD degree... even if this perception is by a minority of people.
So what are the bottom lines here?
If you have stats that aren't the greatest -- you can go to a D.O. school, excel, work hard, and have the same opportunities as an MD graduate.
But this road will be harder, as the respect for the DO is less than the respect for the MD.
MD schools are more competitive, and most people would therefore agree that the MD training is superior to the DO training (as most people assume [and justly] that harvard is more rigorous in educational training than bowling green state university).
Still, the DO programs offer some advantages, and train capable physicians.
Of course, that's just my opinion... I could be wrong. (Dennis Miller style rant)