Reputation is a component, but it's one of those components that starts to break down (a little) once you speak to accepted students/get insider intel. There are things we can't know/that have a high amount of flux--for example faculty/mentor availability, program culture, etc-that are only apparent later on. For example, I got to speak with alums from 2 "Top 10" programs. One said, there was absolutely no mentorship available. At another, one alum said there was a generous amount of faculty involvement, but a slightly more recent grad said that was the disappointing factor. Some alums revealed they had no access to agents. Others said the atmosphere within the program was toxic. These are things that can't be known until you get accepted and speak to current students.
So prestige is easy to identify, but perhaps not something to rely on. Location, teaching duties, and stipend were most important to me. But mostly it matters what's important to you!