Surg path fellowship at U of Mich is structured as:
3 months of main "Room 1" surgical pathology which consists of covering frozen sections, doing head and neck transfer cases, and varying levels of involvement in signout (usually preview all of the cases, sometimes don't bother to actually sit in on signout as many cases are straightforward).
1 month each of breast, GI, GU, Gyn (all four as the resident doing transfer cases and sitting in on signout, pretty low stress except for breast). Remaining time (I think) is pretty optional and structured however you want. Some people do consult months, particularly in GI or soft tissue, or spend time on derm or heme. Some do research months.
I guess because the residency here is pretty much "resident" driven you don't do a lot with signout as a surg path fellow. As a subspecialty (GU, GI, Breast, pulmonary) fellow you do the consults and towards the end of the year can sign out cases yourself, in addition to seeing most of the in house cases. So the surg path fellowship experience here varies depending on your own motivation. Some people don't do very much and get good training but don't take advantage of it fully. Others immerse themselves and get very good training. There is no "hot seat" or anything like that.
IMHO, a general surg path fellowship is a good idea for someone who wants to be a generalist and is doing that as their only fellowship. But to do general surg path + something else (particularly a subspecialty) is a bit overkill. I talked to a couple of "icons" at the USCAP house staff hospitality and they all said it wasn't really necessary unless it was your only fellowship.
At programs like ours where you get a decent amount of elective time, you can do a lot of stuff and basically do a de-facto surg path fellowship before you complete your four years (3 years if AP only). I have like 7 months of elective this year, one of which I selected to do as a surg path fellow (frozens, etc), another derm, 1 on GI consults, 1 on pulmonary consults. Will probably also do some soft tissue. I basically feel like I am doing a surg path fellowship so doing another one would be overkill and kind of unnecessary.
I do think however that most employers will be looking for some sort of fellowship training, and for those who want to be generalists a surg path fellowship (in a larger high volume program) would be a good thing.