I think you have hit the nail on the head! There absolutely is a real world difference between the #2 school and the number #64 school. In my case is all too apparent. The majority of the grad students at my MA university, which is ranked in the 60s, tend to write dissertations on local and regional topics precisely because we get zero money for research or at best $1000 for a whole summer. We also, in order to maintain funding, have to TA every semester, keeping us close to home. Consequently, the majority of the grads from here wind up at community colleges or small liberal arts colleges in the middle of no where, because frankly their research, their academic experience, etc., can't stack up with those coming from program #2. I may be an exception for my school, as I did extensive research in Mexico, Cuba, Washington D.C., and New Orleans for my MA thesis. However, the kicker here is I burnt through $6000 of my savings on order to do so.Time will tell though, as I have only received a funded admissions offer from my current institution for the PhD so far. Maybe attending here might still hold me back?