come on guys, when this topic was started you knew it would eventually lead to this (that's why I didn't post initially). What happens happens. At this point many of us have already sent our applications in and 'betting' only makes people more critical of others -- without reason. Save the fight for a journal paper.
[if it matters I come from an Asian university. A top-ranked one, yes, but not anywhere near Ivy in reputation. I'm not even going to bother saying that I am 'no worse off' or even 'better off' than anyone here though. What's the point? So much of admissions is a toss-up. That said, class does tend to affect where one graduated from, and if that plays a part, it's a structural problem. So what can we do about it save protest on the streets? Or write more journal papers about it -- those who are more interested in 'culture' or 'politics' or the like. Even if I were really worse off (why wouldn't I be?) what does it matter right now? If we don't get it, we don't get it... http://samuel-beckett.net/Waiting_for_Godot_Part1.html'>Nothing to be done... the essential doesn't change.]
I think what you do in your program matters -- and also how your program ranks in your area. Some programs are particularly famous for 1 area of English as opposed to another. Probably better to get a theory-related PhD from CUNY for example, than Northwestern, even though both are excellent unis -- if you're merely talking about reputation for literary theory alone. That said, if the fit is really good, go for it. I think it's best to aim for the program you think you can do the best work in. Ultimately trying to be too 'streetwise' might end up exploding in one's face -- I don't think it's wise to aim for and get into Harvard and end up writing a mediocore thesis simply because the fit isn't good and POIs aren't ideal. If we were all so 'streetwise' anyway would any of us be applying for a Humanities PhD?
Remember that DH started this, probably in an 'ironic' mood to liven up things here. Fighting might beat waiting in agony (it would kill the time?) if so then fight on. But it actually doesn't matter much, I think