One ranking I thought was somewhat reflective of the true state of the colege world was Brian Leiter's University rankings. He was at the University of Texas at the time and was mostly known for his Law School Rankings. He goes to some length to explain the approach taken.
A RANKING OF UNDERGRADUATE SCHOOLS
Here are his rankings:
TOP 20 UNIVERSITIES NOT PRIMARILY SCIENCE/ENGINEERING
1. Harvard University
1. Princeton University
1. Stanford University
1. University of Chicago
1. Yale University
6. Columbia University
6. University of Pennsylvania
8. Brown University
8. Cornell University
8. Duke University
8. Emory University
8. Johns Hopkins University
8. Northwestern University
8. Rice University
8. University of California, Berkeley
8. Washington University, St. Louis
17. Brandeis University
17. Dartmouth College
17. University of California, Los Angeles
17. University of Michigan, Ann Arbor
17. University of Wisconsin, Madison