I applied to USC too and yeah pretty much everyone is hoping for funding. I would say it depends - if you're already well-positioned for career advancement then it probably doesn't really matter too much. However, if you're on the outside looking in it can be a positive since the networking opportunities are more likely to be there. Being in Sacramento is obviously an advantage if you're looking to stay in Sacto or the Bay Area - If you're not aware, I think you can complete an MPP program for USC entirely at their Sacramento satellite campus.