I don't think it really matters long run but we have a similar arrangement here at UTMB-Galveston to do 3rd year rotations either in an academic hospital or in community hospitals in Austin. Here's my take:
1) Organization - the clerkship programs at the academic center is much more organized. Faculty and residents are part of the academic culture and therefore roles are defined. There are lectures tailored specifically for students in the academic center, where as the community hospital may use lectures tailored for residents and force you to go to all of them. Some community hospitals don't know what a student is capable of doing, and sometimes, you're relagated to just shadowing a doc for a long period of time. So you end up being lost. Advantage: Academic
2) Faculty exposure - this is a toss up. At the academic center, you've got faculty who theoretically can write you a rec and hook you up if you so desire, if you get to see them. You're usually part of a big resident team with a bunch of med students. At community centers, it's typically a couple of residents per team and you. Round/ward education may be better at the academic center because you see faculty, but you get more face time in community centers because you usually work one-on-one with faculty. Advantage: Tie.
3) Procedures - I agree with the above, that you don't have to compete with people to get procedures in community centers, but that you also get a variety of cases at the academic center. But one thing to consider also is that most community centers (unless it's county) have private patients, so sometimes even if you want to do procedures, you won't get a chance to because the doc will want to do it. Whereas in big academic centers, it's pretty well established that it's a teaching center and faculty lets residents run the show, and if you're an interested student, you can get in on certain procedures. Advantage: Tie.
4) Pain in the @ss - Bouncing from hospital to hospital is fun because it gives you a chance to see various settings and how different locales and institutions do things. However, you are frequently living out of a suitcase, not sleeping in your bed, driving here and there to take exams, and constantly have to make arrangements and fill out paper work just to get the proverbial "process" moving. Advantage: Academic
5) Ghetto fat b.itches - Staff around the academic centers are used to having students around and they piss on them because they can. Galveston staff are a bunch of uneducated ghetto fat b.itches who are rude and move extremely slow. They do work with their fat mouth and jabber all day with no production. It's like a McDonald's from 5th Circle of Hell. If this were a wilderness, their fat slow @sses would have been prime targets for lions, tigers, and bears long time ago. In Austin, totally different story. Community hospitals consider it a privilege to have med students visit and staff treat med students like doctors and therefore will help you out as much as they can. In Austin and in many community hospitals, students eat in the doctors lounge every day... which means free lunch. E.v.e.r.y.d.a.y. Advantage: Community
6) Party time - If your med school is southeast Buttf.uck, Texas, being able to bounce to a hospital where there's life may be good for you. In our program, Austin is a rocking town and the academic expectations are less (except for OB) so you get plenty of time to go out and play. Advantage: Community
7) Where're my boys at - when you bounce hospitals, you end up doing it by yourself. Yea, I'm sure there're people from your class who're going to be where you're at too, but it may just be 1-2-3 of them. You miss out on the big community of friends you have back in med school. Best thing to do is arrange to be in the same community hospital with your friends at a given time. But then if you go to school with a bunch of chumps, then it may be worth it to leave all of them. Advantage: Academic, unless you've got chumps.
I'm doing 2 rotations in the community hospital and the rest at the academic center and that's enough. 3rd year flies by fast so whatever advantage/disadvantage you experience is temporary at best.