Hmm, I had looked at the WSJ rankings when applying to schools few years ago, and they pretty much confirmed my prior impressions. For finance, Wharton was clearly the place to be at, with Chicago a distant second and Columbia and NYU following even further behind.
I actually only applied to two schools, Wharton and NYU. Wharton because I thought it was the best program and attracted the best people - but I didn't make Wharton (not good, getting into a pissing match with your alumni interviewer... we had a total ego clash).
I wasn't interested in Chicago, as just the vibe/culture I got was it was a bit more on the academic side than I wanted. NYU impressed me over Columbia every time - hard to put your finger on it. Maybe just a better cultural fit.
Anyway, I'm sure I gave up something by not going to Columbia (I did want to be in NYC), but I just didn't feel the need to put another brand-name Ivy League on the resume, and was confident NYU would get me exactly where I wanted. I guess I was pretty comfortable just applying to Wharton as my risky top-choice and NYU as an almost guaranteed admission at a school I'd be very happy at. I actually deferred a year after being accepted, and never felt the need to reapply to Wharton or any other school.
As for the rankings, I dunno, I suppose I have no problem with them. I've met Columbia and Wharton grads and they are impressive as very capable and intelligent people. But at the same time, I am continually impressed with the caliber of the students at NYU, its resources and the entire experience.
What's interesting about the rankings, besides their methodology of using corporate recruiters (which I somewhat question - this is getting data from HR people when fundamentally HR is a step away from the main function of most corporations, and of course this survey is biased towards the needs of corporations), is how clearly there are leaders in certain fields. Look at the numbers for Harvard for strategy, Kellogg for marketing, Wharton for finance - there are huge perceived gaps between #1 and #2. Dunno what that really means for the world of an MBA education.
Best regards,
-Jason