My EM residency was going to do NICU time in the 3rd year, until cooler heads prevailed. My "peds" inpatient rotation was in the level 2 nursery at a community hospital, with also covering any peds patients that hit the ED (about 1/call day or night - it was 10hr/14 shift work). Beyond my hands and arms being the cleanest EVER, I learned more than I needed (and now have forgotten) about formula feeds. Otherwise, the yield (for me as EM resident, and now attending) was low.
The residents now do either 1 or 2 weeks of well-baby nursery ("10 fingers, 10 toes, and an ***hole, NEXT!" <-- verbatim quote), and split the other half with the peds floor (I think). No NICU. Even when I rotated in the PICU, still, the NICU stayed separate - on the other side of the wall, and I never went there once.