Are they still telling undergraduate nursing students to do a year of med-surg before going into a specialty, particularly psychiatry? I think this is ludacris. I was a new graduate who convinced my manager to hire me directly into an inpatient psychiatric unit, and I have never felt that I needed a year of med-surg. In fact, having just come out of nursing school, I knew more med-surg skills than my colleagues -- who had done their obligatory year of med-surg 20 years ago.
I know of even dedicated psychiatric nursing faculty who tell their undergraduates this. Why aren't we supporting good, quality nurses who we can influence early in their careers? Let's not wait for the nurses who look for psychiatry to be their "semi-retirement" stage.
When I've taught nursing students or precepted senior students, I have always told them to go into the nursing specialty they love -- whether that be mental health, womens' health, critical care, med-surg, etc. Learn everything you can and be the best darn nurse in that field that you can be. If you want to switch gears later, do so, but don't think you have to put in some obligatory year somewhere just to pay your dues.