As a first year, I'm just beggining to think about residency requirements, and one thing I keep hearing over and over is "You want to match to a good residency" or a competitive residency, or something to that effect. My question is, what makes a residency good? Is this a matter of how much research money the institution receives? Or is it a quality of life issue? Or is is just that one program might be affiliated with a more prestigious school than another? I know that this is a basic question, and should seem obvious, but I've never heard the answer. Thanks! Oh--and what happens to you if you get a "bad" residency?