billcsho, Ross was also ranked #4 last year, but it was ranked #2 or #3 a couple of times as well. There is no difference between Haas, Ross and Sloan. Wharton, to me anyway, is the clear #1, then #2-4 are interchangeable.
rjk, the USNWR methodology is definitely designed with private universities in mind. It does not do anything to adjust for the differences between public and private universities, and it also does not do much in terms of adjusting for data inconsistencies. Also, some of the criteria in its methodology are completely pointless.
As a rule of thumb, any ranking that does not have Cal in the top 10, Michigan in the top 20 and UVa and UCLA in the top 25 accurate. As such, UVa and UCLA seem to be fairly ranked, but Cal and Michigan are slightly undervalued.
Public universities are not the only outliers. As ForeverAlone points out, Chicago does not belong at #3. It is an exceptional university, but like Cal, it belongs between #6 and #10, along with Caltech and Columbia.
Personally, I think that a good ranking would have universities ranked something like this:
1-5
Harvard University
Massachusetts Institute of Technology
Princeton University
Stanford University
Yale University
6-9
California Institute of Technology
Columbia University
University of California-Berkeley
University of Chicago
10-17
Brown University
Cornell University
Dartmouth College
Duke University
Johns Hopkins University
Northwestern University
University of Michigan-Ann Arbor
University of Pennsylvania
18-26
Carnegie Mellon University
Emory University
Georgetown University
Rice University
University of California-Los Angeles
University of Notre Dame
University of Virginia
Vanderbilt University
Washington University-St Louis
27-36
Boston College
College of William and Mary
Georgia Institute of Technology
New York University
Tufts University
University of Illinois-Urbana Champaign
University of North Carolina-Chapel Hill
University of Southern California
University of Texas-Austin
University of Wisconsin-Madison
Wake Forest University
Such a ranking would be purely based on the overall academic strength and reputation of the university. It does not factor in specific academic programs, career placement etc…As far as I am concerned, all 36 universities listed above are elite.