I'll throw out my opinion, but keep in mind that my experience is based on my interview experience last year.
If you want an academic career and you want to do residency in the south, Vanderbilt is a good option. The faculty all seemed pretty intelligent and the atmosphere seemed very academic. Research appeared easy to come by, and I've heard great things about the child fellowship.
The discrepancy I saw was between the upper years and lower years. I met and talked to 4 interns and 2 second years. None seemed happy, and a couple admitted to being downright unhappy. One intern mentioned that he/she thought a few of the fellow interns were only in the program because "good applicants don't usually want to come here." I attended the dinner the night before and most of the interns left pretty early (maybe stayed 1 hour or so). Most of the dinners I attended were long, and the residents stayed to answer as many questions as the applicants had. Many applicants left dinner with unanswered questions at Vanderbilt. The unhappiness of the younger residents was the biggest drawback that I found.
I spoke to 2 third years and 2 fourth years. All seemed pretty happy. They all mentioned that the last 2 years weren't that bad, and that they had good job offers. All had fellowships in mind, and were considering an academic career. All were nice and really cared about the program.
I really liked Nashville and how the program is a part of the undergrad/medical campus. I'm not sure that would make the traffic that nice, but I liked how integrated things were.
Most of the residents I spoke to had families and admitted they did little with any other residents outside of the hospital setting. I specifically asked if residents got perks from the undergrad affiliation (football/basketball tickets, rec center, etc.). None of the residents I asked seemed to know anything about that.
While the faculty I met at Vandy all seemed VERY intelligent, I have to say that this was my most grueling interview. Still, I didn't find it bad. A fellow applicant came out of an interview crying. I was next, so you can believe I was a little scared. The faculty had interesting questions (I won't mention them because I doubt they would want them mass distributed), and the group interview was different as well. I thought it was fun, others disagreed.
I ranked 10 programs in all. Vandy was either #5 or #6 on my list. Definitely a good program, but it had some drawbacks in some of my personal key areas. If you want an academic/research career and prefer residency in the south, I would definitely look here.