This is a great post. I just want to emphasize a couple of points.
1) Agree that there's a difference between a systematic review vs. an invited review. And book chapter is the absolute worst. Again, something is better than nothing.
2) Also strongly agree that students really shouldn't care about what kind of publication they get, so much as that they get a publication period. The ERAS applicant pool is littered with students who have "dabbled" in research with an experience or two, maybe an abstract, but were ultimately unable to turn it into a publication. If you were able to put in the effort and synthesize your work into a story that passed through peer-review, that is notable even for low-impact publications. It means that if you can deliver when handed a task--and if publishing is a "thing" that your residency wants, then they know you can do that going forward.
3) To this day, when I sit down to discuss a new project I hash out authorship expectations in the first meeting explicitly. Much easier down the line so that everyone knows exactly what they will get out of the project (first/second/middle author), and what they will be expected to put in. It's uncomfortable, but I would suggest students bring that question up if the faculty does not so that it is crystal clear what they are hoping to get out of the experience.