@urbanslaughter - I am not sure that I would go as far as to say “nothing”, but I would agree that the acceptance rate is an indicator of popularity and size, not quality. Popularity is driven in a large part by demographics and exposure (i.e. marketing).
On the demographics side, the migration (of all ages) back into the city and the growing popularity of “profession oriented” undergrad degrees (first business and now engineering) have all impacted popularity.
In my day, Somerville was the car theft capital of the nation and the home of the infamous Winter Hill Gang.
More recently it is one of the “most hip” cities in the nation and the home of Barrack Obama - who actually lived in Winter Hill when he attended law school at Harvard. First Somerville and now Medford are among the most desirable places in Massachusetts for young people to live.
In my day the liberal arts school had a lower acceptance rate than engineering.
More recently, the engineering school has had a lower acceptance rate than liberal arts.
Among the population of families that make their living in academia, the popularity of smaller schools remains strong. Children of academics (which are plentiful in New England) often choose NESCAC schools over the Ivy League. But over time, those families have become a smaller percentage of the overall college-bound population.
On the exposure side, research is more visible than teaching, and in general bigger is better. Ivy league schools have unsurpassed marketing budgets and it has been interesting to watch them morph into a joint marketing consortium over last few decades. First there was Harvard, then there was HYP, then there was the Ivy League.
With division 3 sports and a commitment to teaching, I believe that NESCAC schools offer a range of academic experiences that rival or exceed the offerings of the Ivy League.
Maybe we should form a joint marketing consortium as well…