Geddy,
I'm further along in the re-applying path of pain. I did the ophtho research this year (and generating a couple pubs) and didn't match. I'm not trying to discourage you, as I know people who have done this and matched the following year. I had a backup plan for Internal Medicine and I am using it; I found out that I did match in IM today. I do like the opportunities in IM...GI, for example, provides lots of opportunity to perform procedures like colonoscopy, upper GI, ERCP, and the like. Plus I do like the subject. I don't really like cards, but I hear GI is really competitive too so there's no guarantee I'll even get that. Oh and I don't think you'll never get into IM; they need bodies to do the work and if you are a US medical grad you shouldn't have any problems matching. This is what it boiled down to for me: I already tried the research route and it didn't work, so I'd rather get something started and move my career forward. I will cool off on applying this year (except maybe applying to the few places I didn't apply this year) but instead concentrate on doing well on the internship, get to know the faculty, and choose someone who would be able to write me the best letter of rec. I will try to do an elective, if possible, in the ophtho department of that institution. The following year, I will hire a secretary to do the paperwork and re-apply for ophtho and GI (and maybe endocrinology? I somewhat like that) and apply to some ungodly combined amount of programs so that I can specialize in something, as I just don't see myself as a generalist. This plan should almost be failsafe, but you just never know. I still love ophtho and it would be my first choice, even AFTER an IM residency.
It depends on how far you want to go and sacrifice to get an ophtho spot. I am not going to do years and years of research, getting paid little in order to have a small hope of matching every year. For me, it was worth one year, but no more, for there is a difference between the miserable failing re-applicant and the miserable resident: the miserable resident gets paid more and has a future. Now I'm not saying that I will be miserable either; I might actually like it! I'm not going to create a self-fulfilling prophecy of being miserable...I have to use cognitive behavioral tactics to get my mind out of that rut. But I will keep trying for ophtho, because one of these years someone might realize how committed I am to it. Or at least I hope.