Learning the systems in your hospital is far more important than actual medical knowledge. I've found that I am expected to know far less than I was an MSIII/IV. I am rarely pimped, and even if I am and I don't know the answer, 90% of attendings will let it slide. If I do pipe up with some knowledge, I am treated like the greatest thing since sliced bread.
The actual medicine you practice is intimidating at first, but after a month or two becomes extremely routine. Fever = septic workup. Pain = one of the five or six meds you commonly give. Orders are automatic. It's nothing.
However, from day 1 I was expected to know how to get a CT scan done, who to call for MRI, how to speed up lab results, how to get a home PT consult etc. Failure to get things done seems to be the #1 reason for bad evals in my hospital. My value as an intern is directly proportional to my ability to get things done. Actual knowledge and intelligence run a far second.