The rankings do mean a great deal, for better or worse. The number of applications a college receives fluxuates greatly based on them, which affects the selectivity of the school. That selectivity is probably what people are really looking for, rather than the actual quality of the degree. Someone who knows that a certain college only accepts 10% of applicants will tend to think more highly of someone who's graduated from there.
In any case, I'd rather have colleges ranked on academics, vice sports. I think it's important that service academies are ranked, so that people realize that they're actually high-caliber institutions, vice just trade schools.
To be frank, if your undergrad institution is near the top of the rankings, the cachet will probably help you out later. Anything outside the top tier, they're all the same. The regional prominence is also a big deal. For example, If you want to be governor of South Carolina, the Citadel will probably set you up pretty well. Outside the South, no one will care.
I'm just hoping Cavt didn't go to Penn!:icon_wink
Great points - but just as a side note, there was an economic study done a couple years ago, and it found that in the end, personal devotion and motivation and intelligence were the biggest factors of success. Their control group was those that got into both Ivy Leagues and State Colleges and found that in the years after graduation they were mostly all in the same income level. Granted, I concede, something very selective like President/Governor etc., having been in some sort of "good ol' boys" club/selective college will probably help you down the road.