I'm a medical student at Northwestern so from my perspective the residents are 1) Extremely happy; 2) Very competent; and most importantly 3) Really great people who get along well with each other.
They all love the program and the PD (who is very, very nice). Their medicine months are at NMH, which has a night float system. They do psych training at Stone (Northwestern's psych hospital--soon to be a brand new facility in the very opulent main hospital), Children's and the VA. Each Wednesday is protected for didactics. All of my classmates applying to psych are applying to Northwestern and would be perfectly happy to match here. There is a relatively new chairman who is very focused on research and is trying to swing the program in that direction. However, the program has been historically known to focus heavily on psychotherapy and psychoanalysis.