I did really crappy in undergrad for a variety of complicated reasons. My uGPA was a 2.3something from a big public university, ranked in the 40s at the time. I went for the experience, more so than the ranking, after doing well in high school.
Since I had such a lacklusted GPA from undergrad, I needed what I like to call a "redemption degree." Technically, I had all intentions of getting the degree regardless, but it definitely worked in my favor, given that I'm going to get a second master's now. I went to a very small private university for my first master's degree. I chose the school because it was the only school in the area that offered the program, and due to some pretty severe medical issues I was having, I couldn't go anywhere else. Locally, the school has a good reputation, however it's not really known outside of the state. I did really, really well there and came out with a 3.83 GPA. Along with my GPA, I have 8 years of professional work experience, great letters of recommendation, and a lot of life experience. Based on what I've been told, a great graduate school GPA weighs much heavier than a crappy undegrad GPA, but I guess that doesn't entirely apply to you currently, however it may one day.
My brother, on the other hand, is a junior at Cooper Union. That kid is brilliant, no joke. He claims he doesn't have "great grades," but of course, won't tell me what his GPA actually is. He is concerned that he won't get into the PhD program of his choosing and will have to do a one year master's at a school that doesn't have such crazy grade inflation. I think he's nuts, but time will tell.
That being said, just do well wherever you go. Your GPA does matter. I got turned away from a lot of jobs because my undergrad GPA wasn't where they wanted it to be.