I must say, I truly appreciate those universities which publish detailed information on their web sites about what exactly they are looking for in an applicant: the number of credits that should have been taken, the GPA/GRE cut-offs for master's & PhD programs, the process of selection, and how funding decisions are made. This helps us target our packets to the right programs. The universities which make this information available evidently care more about saving the applicants' time and money than they do about boosting their selectivity ratings.
I find it interesting that many of the most elite schools do not publish this information, or in fact actively dissuade people from thinking that there MIGHT be a GPA or GRE cut-off ("A good GPA will not guarantee entrance, nor will a poor GPA earn automatic rejection..."). In my experience, the programs that do publish this tend to be on the lower end of the prestige ladder.
At first I thought it was ironic that say, Princeton might take a low-GPA applicant while a non-elite school would automatically reject him or her. But on some level, it really is all a numbers game, isn't it?