I interviewed at both these programs this year. I liked Montefiore better, although I think they are both very solid programs. The residents at Montefiore are REALLY friendly and happy. I've never seen such happy residents. They love their program and have lots of little perks that help towards quality of life - really cheap subsidized housing, a $500/yr stipend for books, 3 free meals per day, free health insurance (I think). They have a protected day of didactics, which the residents seemed to really like because they feel their education is valued over their scut-work for the hospital. The department chair is a really unique guy whose philosophy is that to become good psychiatrists, residents need to see an optimal number of patients and no more that that. They should devote the rest of their time to personal development, whatever that means to them. Consequently, the residents see fewer patients than at other programs and have extremely reasonable hours. Research is not a big part of their program, but they say that things can be arranged if a resident really wants to do research. My main concern about this program was whether the residents are as well trained as at other programs. Most people at other programs will tell you that seeing more patients is important for good training, and that by seeing fewer patients, the residents aren't as well trained. The people at Montefiore seem to really believe in their Chair's philosophy about less patients though, and the residents seem to do fine in the job market. I don't know who to believe about that. This program is in the Bronx. I would not like to live there despite their highly subsidized housing. It's not a bad area; just not my scene. It's a pretty easy commute from the upper east side of Manhattan though, so that is a good option.
I did not like LIJ as much, despite the fact that it is probably a better program objectively. There are a lot more research opportunities than at Montefiore. They have a free standing psych hospital on a larger medical campus, which is a neat combination. They have an adolescent inpatient unit, which interests me. The facilities overall seem kind of run down, but they are doing a lot of building on the campus. Call, hours, and patient load all seem pretty reasonable - on par with most other NYC-area programs. LIJ is located 15 miles outside the city. Some residents live out there, and others commute from Brooklyn or Manhattan. Even though it is further from the city than Montefiore, I think I prefer the location because Brooklyn is a great place to live, and the commute would be pretty easy. Program director seems like a great guy. Lots of energy and ambition for the program, very resident-focused. I didn't get to meet too many residents during my interview day. The few that I met seemed nice, but I didn't really click with them or my other 2 interviewers besides the PD. Everyone was fine, and it seems like a good place, but I didn't feel that spark that I felt at some other programs.
Hope that helps.