I disagree. Ranking should play a significant role in your decision making process in those cases where you are choosing between schools that are ranked significantly different. For example, I wouldn't recommend going to a school that is traditionally ranked in the last couple of schools ( i.e. you should not go to south central louisiana tech) if you have an acceptance from another school that is ranked higher. The exception might be if the school is "known" for a certain sub-area that you're super interested in (i.e. you know you will be doing that sub-area.) However, most people change their interests during graduate school, so even in that case it seems problematic. The reality is that prestige does matter to a lot of potential employers. In some disciplines more than 50% of the tenure track jobs go to graduate of only 5 schools.