I think it depends on what direction you want your career to take. In talking to faculty, it sounds like if you want to be in academic medicine or go into a fellowship (especially some of the more competitive ones), you should go to a university program. It's probably not so black and white as that. I know of people matching into fellowships from community programs, some of which offer their own fellowships.
If you want to be a generalist, my guess would be that it doesn't matter when getting hired. From other people's experiences, it seems like hospitals/group practices are just looking for a good team player.