I have some connections to Rochesters psychiatry department (less so the residency program), and would like to add a few comments!
You may guess by the name, but I am probably one of three medical students in the US interested in geriatric psychiatry. Some of the geriatric psychiatrists at U of R are fantastic people such as Jeff Lyness (AAGP President) and Yeates Conwell. Since most psychiatrists tend to concentrate in the big cities, the department is very serious about developing young faculty (good record of K awardees). Ive also heard that the department chair has a jerk test. This simply means he tries not to hire jerks. Nice philosophy, although it might be difficult in practice due to some of the personality types attracted to the medical profession ; ).
U of R is great if you have a family because the public school systems are very good nice homes in the best school districts are easy to find at ~$200,000. (beware property taxes - there is a price for such good schools and great parks) Commuting is easy and convenient; after spending some time in CA, the commute in Rochester is almost laughable. If public schools arent a consideration, it is easy to find homes within walking distance of the medical center. People in Rochester are pretty down-to-earth, probably similar to many of the rust-belt cities, which could help provide a good child-raising environment.
While I dont think U of R can compete with the big name programs on many levels (e.g., wont have an expert in every psychopathology, low prestige, etc.), for applicants looking for a good fit and a place that values collaboration, invests in developing their own, and is fantastic for families, Rochester may be a great choice.
I felt obligated to write this response because so much of the discussion/knowledge about Rochester is focused on its crummy climate. While winters in Upstate NY could be improved, it is debatable whether a few more clouds and snow are preferable to the biting, nostril-hair freezing cold that often occurs in the upper Midwest (MN, IA, WI; BTW I love these states).