i like nightfloat for couple of reasons:
1. i like to sleep in my own bed, there is something refreshing about being able to take a shower at the end of day. also, consistent sleep cycle, i would rather sleep on an opposite schedule few weeks a year, than to have my sleep cycle flipped q4 days ... but thats just me
2. for pt care, it is prob better, contiunity of care ... postcall, most of your pt workup / consults happens on that day or during the days in general, i would like to be around to find out what happens
3. most true nightfloat places have a system so that if you are done (say at 4pm), you can signout to oncall team that will crosscover for few hrs, who will then signout to nightfloat when they get in. the key is good signouts!!
although one huge plus of overnite call is - running errands during your postcall day (cuz every other place is only open mon-fri 9-5)
with all of this said, i do agree with folks that this should not be a deciding factor, however, if all else equal, two programs in similiar city with similar reputation blah blah, i would def consider call schedule
just my 2cents