I think you would find this post on orgtheory pretty relevant to your question. http://orgtheory.wordpress.com/2011/12/13/low-status-graduate-students/
Although I wouldn't necessarily say that 20s and 30s is "low status". There are some professors whom I am applying to work with (in my lower ranked schools) that graduated in the mid 2000's from 20th ranked universities. The universities they placed at are around 50-60, so, assuming you get into something around the 20's and 30's I don't think you're going to end up at a community college or something. You can probably still get into a ranked university.
I'm in the same predicament. Out of 15 schools I'm applying to 8 are top 20 (princeton, univ of chicago, penn, nyu, utexas-austin, penn state, yale, univ of washington, seattle). 3 are top 40 (ucr, ucsd, uci). and 4 are 40-60 ranked (purdue, boston u, notre dame, uc boulder)