Short answer: Yes, it matters.

Nuanced answer: Residencies are different. Some are clearly inferior with low operative volume, poor variety, and less-than-excellent staff. Some will provide barely the ACGME minimum in terms of didactics. Others are extremely academic and didactic heavy but poor in terms of graduated autonomy. The reputation of your institution and the connections you make during residency will carry you to your next job.

My advice is this: Know your goals. If you have always dreamed of being a community general surgeon in private practice, I recommend sticking with community programs in the region in which you wish to practice. You will make connections in that world. If you want to be in academics and/or plan to go on to subspecialize with fellowship training, you should plan to go to an academic center (although I would personally avoid the mandatory 7 year programs unless you want to do pediatric surgery or maybe surgical oncology. Seven years of residency for general surgery is just too long.). If you arent sure what you want to do, you should go to an academic place so you can keep all your options open.