Program repuation/rank is important. It's a proxy for the productivity of students and faculty, and where you train and who you train with moderately/strongly determine your own productivity and your hireability/post-doc-ability.
So does advisor "fit." Advisor fit also makes you happy (that matters, right?)
Let's say you're accepted to great programs with advisors you feel fit with. At what range of program ranking would you ignore ranking and go with the the best fit? In other words, under what conditions does ranking stop mattering? Or, should you just go with the best fit, rankings be damned?