The beauty of not having a match for fellowships is that you do not have to pay a centralized service to handle applications uniformly. It is very much like a normal job search-- you find a position you like and apply, then based on the programs timeline, you get the job or you do not. I interviewed at my number 1 choice first and was given the position early in the interview season, so I cancelled the rest of my interviews and saved a ton of money on flights, hotels and travel.
If I am not mistake several years ago at an ASA meeting, there was a debate amongst the residents concering the use of a match system for fellowships and it was not undertaken based on the opinion at that time.
I thought is was very financially beneficial to not have to go through a match for fellowship.
I am sure others can tell the other side of the story.