jaluv, how grueling any residency is will highly depend on the program itself. In general, though, OB/Gyn residencies are viewed as grueling. Its funny, though, that most everybody except the Ob residents themselves consider it so (at least from my experience).
As a resident, you will typically be busy during your work hours, but you will definately have time to study and play. Before the 80 hour work rule, I was averaging about 70-85 hours per week (this accounts for the easy 60-70 hour months and the more intense 90-100 hour months). After the law was enforced, my average hours are between 60-75 hours, with most months falling in the 60-70 hour category and float months falling in the 80 hour category. I have only surpassed the 80 hours on about 4-5 weeks so far in the past 7 months due to unforseen circumstances. Don't be fooled, though, I am in a busy program, but my program has been actively enforcing the work week rules.
As mentioned by Diane, you will be busy during work hours (especially when the Labor Bus pulls in with your 7 laboring patients all at once). Although you do work hard and you will definately have a good share of "humbling" days, I have yet to meet a burnt-out OB resident. This statement, unfortunately, could not be made for ER, Family Practice, Pediatrics, Surgery, or even Internal Medicine since I could name several residents from each respective field that have moved on to a different specialty after only one year.
Lastly, always remember that despite what people believe to be a tough schedule, OB/Gyns enjoy perhaps the highest rate of job satisfaction from the medical specialties.