Of course I know which of my programs are ranked slightly higher, or place marginally better than others, but realistically, it's going to be hard to find a job no matter where I attend, and all of my programs are roughly in the same 'tier' (if such a thing exists). I'm primarily concerned with my fit in the program - this extends not just to matching my interests with the department, but also how well I get on with the other students, whether I have things in common with them besides English, etc. In a lot of ways, I'm looking at this Ph.D as a job, so it's important to me that the workplace culture fits my style, and I have coworkers I'll be able to enjoy my time with, rather than being competitive and cynical, or mean, or even just bored with.
Naturally, I'm also concerned with whether the program is in a place I could see myself spending the rest of my 20's. Realistically, this is a time in life when people start to do 'real life' stuff - long-term relationships, getting married, etc. I have no immediate plans for any of that, but I'll probably feel pretty different at 28, and that kind of thing could be difficult to manage, say, in a college town primarily populated by undergrads. Add that to the fact that I'm very much used to city life, and being surrounded by a lot of stuff to do, and location becomes a pretty big factor.
Of course, as much as I like pro sports and nightlife, I also really like outdoor stuff and inexpensive living. Here I might have said one thing, then the other, and then punted on the whole question, but I feel optimistic I would be happy in just about anywhere...save for a subdivision surrounded by stripmalls.