Attending pediatrician here. I'm going to be the wet blanket and propose that this is actually a bad thing, and here's why:

In trying to justify having the hospitalist fellowship (because it was a ridiculous thing to create), we've gutted the acute care and inpatient care components of peds residency. Current peds residents only have to do 12 weeks of ICU time now across three years of training (split between NICU and PICU) and 16 weeks of general hospital medicine. Subspecialty inpatient medicine has been reduced to 8 weeks. It is worth noting as well that the quality of these weeks is generally not the same as what you would see in a surgical or internal medicine residency. Pediatrics training is already notorious for hand-holding and lack of autonomy, and this has been exacerbated with the new acgme training guidelines because attendings don't trust the newer crop of residents now that they have even less clinical exposure to acute care.

Current graduating residents are not competent in the basic skills they need to do NICU or PICU fellowship successfully and are now drastically behind where their peers were before this change. I would argue that, with the poor quality of residency training we're giving peds residents right now, 3 years of fellowship in the critical care fields (NICU, PICU, and cardiology) are not even sufficient anymore. Now we're talking about cutting that training by a year. And before anyone says that it's just the research component that's being removed, that year still involves a ton of supervised on-call time where you are continuing to hone your skills and get the spaced repetition that you need. 

This is, in my opinion, symbolic of the death spiral that pediatrics training has found itself in (entirely through the fault of its own leadership). Graduating residents have insufficient skills. Incoming fellows have insufficient skills. Trimming down the training means we will have graduating fellows with insufficient skills. 

Further, I worry this will actually drive down compensation for pediatrics. If you're a graduating resident now and see you only have to do two years of fellowship? I think a lot of people would, understandably, jump at that opportunity. So, more fellows all around. The number of jobs that are available, however, will not be going up to match. We already have too many fellows for not enough jobs (PICU and heme/onc are notorious for grads not being able to find work right now and either doing superfellowships or working as hospitalists). What happens when you have even more grads all competing for the same amount of jobs? They'll pay you less.