Exactly - it has everything I need to know, my job is to internalize the information and then regurgitate it on exams, and then out to bars for drinks and appetizers. M3 on the other hand -- catfights among classmates, passive-aggressiveness from overworked residents, etc. A lot of "hidden" rules, if you're a woman, depending on resident/institution maybe some sexual harassment thrown in. I'll take actual mutual respect from PhD professors anyday - they may not be able to impart the material well bc they're really getting old, but at least you knew they were trying and you had the material already.
The power differential on clerkships is immense. Residents truly do have the power to fail students on their evals if they want to. It's quite scary.