I'd like to put my two cents in. I'm in a fairly unique position to discuss this because I went to school in Ireland for 4 years before transfering to a US school.
I always hated the way it took so long to get exam results in Ireland. Now I find that it takes just as long in the US. It's more justified now since the delay is due to the wait for shelf exam results to be returned, while the Irish schools' delays are tough to explain, but waiting sucks either way.
I spend far more time in the hospital now and get more hands-on experience than I did in Ireland even though I'm in an urban hospital. The pathology is also a lot more varied though that's due to population differences and has nothing to do with administration etc.
At school in the US, I carry a few patients at a time, follow them throughout their hospital course and learn about all their labs, studies, procedures, etc. This is beneficial because it gives an in depth learning experience. The drawback is that the longer I have a particular patient, the less I'm likely to learn anything through my continued involvement in their care. It also requires a lot more time than I spent with any patients in Ireland. In Ireland I would do a complete history and physical on a patient then pretty much move on and never really know what happened with them. This was good practice for doing H&Ps but didn't teach me about how to actually doing a doctors work. I learned only a limited amount about the thought processes involved in the patient's management.
You can view either system as better for you. In the US, you spend more time learning but more time in non-educational activities too. In Ireland you don't follow the patients as closely so you don't learn as much detail about their management though you can focus more on developing your H&P abilities and on making initial diagnoses. It's not entirely separate. I mean in the US I still do H&Ps of course, and in Ireland you follow the patients' hospital courses to some degree. This is just a big difference I've found IN GENERAL.