Different programs do different things, but I will say this: academics can only be rigorous if they're funded, and a dumb student with lots of financial support will almost certainly write a better dissertation than a smart student with no support. If a program does not offer a livable stipend, cover tuition, provide affordable health care, and provide access to pots of money for travel and research, it is not worth applying to, never mind attending.
My process was to identify the professors with whom I wished to work, and then to narrow down the list by excluding programs that offered insufficient resources. Aim for a final list of 4-6.
General comment here for anyone feeling down about this cycle. It will be OK!! When I was finishing undergrad in 2010, I applied to 5 prestigious PhD programs with what I thought was a great research topic. It was not a great research topic at all. I was rejected by all 5 schools and then had to tell my letter-writers about my failing in person, and see them on a weekly basis. It was disheartening to say the least. I went home, took a year to think about my future and then ended up applying to an MA program at my state school, which is a great research university, but not a high-prestige school. I got in, and during the program my real interests became much clearer to me. When I finished, I entered the nonprofit sector to work for 4 years, but kept developing my research interests. When I felt I had a new, solid, and more informed topic, I decided to apply to PhD programs. Fast forward to the present moment and I have 3 well-funded offers from departments eager to support a project that I feel extremely passionate about. This is not to brag, but to say that what feels disappointing now may be part of a much larger journey you are on without realizing it. If I had been accepted somewhere right out of college, I know for a fact that I would not have ended up going down a research path that is as rewarding as my current one promises to be. So, chin up! It will be OK! Thanks to everyone for all the insights and support this cycle.
