I've been mulling over the residents in my program who went on before me. Of the ones I can recall, here is a summary of the outcomes. As far as I know, most folks ended up with quality gigs, some in tough markets (like San Francisco)
Class of 2004
Two fellowships - Private practice
One fellowship - Academics
One fellowship - Academics, now going private practice (with academic ties)
Class of 2005
One fellowship - Private practice
Two fellowships - Private practice (would have been one, but spouse in two year gig, so needed to kill a year)
Class of 2006
One fellowship - Private practice
One fellowship - Private practice (institution with academic ties)
One fellowship - Private practice (institution with academic ties)
One fellowship - Academics
Two fellowships - Status unknown (although the derm fellowship at Harvard probably didn't hurt)
In third year of fellowship (geographic restrictions, visa issues)
Class of 2007
One fellowship - Private practice
One fellowship - Private practice
One fellowship - Academics
One fellowship - Academics
Two fellowships - Second one underway
Class of 2008
No fellowship - Private practice
One fellowship - Private practice (contract signed)
One fellowship - Interviewed, waiting
One fellowship - Status unknown
One fellowship - Status unknown
Two fellowships - First one underway
As a relatively-older timer, may I suggest that the proliferation of mandatory pathology fellowships are NOT evidence of the vitality of the profession?
Something is wrong when private practice groups can now demand specific fellowships from applicants destined to sign out bread-and-butter pathology. This is what happens in a glut.
Next the groups will be asking for multiple specific fellowships. And getting them. Not good.