I'm observing this tangentially as a MSTP @ a top program, so you can take my word with a grain of salt.
If you have a basic/clinical neuroscience background, and are looking into a R01-supported research career with mostly lab, with some clinical work, psychiatry is an excellent specialty. The job market is generally good, and most centers are hiring. This is in contrast to most of the basic biomedical departments and people w/ strict PhD training, where jobs are basically non-existent.
That said, I sorta feel like EVERYONE who are going into a top psych program is gunning for SOME sort of research/academic post, much more so compared to other residencies. My feeling is, although right now the positions/funding is there to be had, the competition is also relatively high. Whereas, in certain specialties (i.e. radiology, rad onc, surgeries), medical centers routinely have to BEG and PLEA for the best residents to stay academic--the reasoning being, the difference between private and academic salary in these disciplines can be enormous, whereas it is not so much in psychiatry. This is a double edged sword, in that i think basic science research in psych tends to be relatively higher quality because of the competition, esp. at high levels. Whereas, I don't know of any interesting brain science coming out of a radiology-based lab in the past 50 years.
The bottom line is, right now if you want an academic job, you should have no problem getting one. And as far as geography goes, if you have a reasonable training, you should be able to get into a major academic center with no problem. State U trained psychiatrist routinely get fellowships at top programs, and stay around for a faculty job. Now, will you be able to get into Harvard vs. Tufts--that's a different question all together.