[jldugger]

> Is there actually a big fixation on university rankings?

I've sat in department wide meetings where deans of engineering compared their schools to 'the competition,' both in terms of US news rankings and their own preferred metrics. Usually to bemoan how unfair it is that Texas is a petrostate with 10x the population that can fund top tier engineering schools.

But by and large, the tiers are static and a uni in the #47 slot isn't making to the top 10 any time soon. Might not even make top 40. For undergraduate education I think you're right, nobody really cares. There's really three categories of schools: private schools / ivies, flagship state schools, and the rest. I'm guessing if you asked employers to rank schools, they would largely match selectivity -- how hard it is to get into the school. (or more depressingly, how good the athletics programs are doing lately)