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I concur. School rankings don't matter for graduate degrees the way they do for undergraduate studies. Read molliebatmit's last point "It's all about the advisor" on the Grad School Admissions 101 thread. What matters are: 1) The department - people in your field know what schools have the best departments, and which departments' degrees aren't worth the paper they're written on, and "top ranked" schools don't necessarily have the best programs in all fields. 2) How well your interests match your advisor's, and fit within the department, and how well you work with your advisor (whether they'll fight for you, how well your thesis/dissertation turns out, whether you get publications out of your research, whether they'll help you with networking and getting positions once you're done) have a great impact on successful graduate school experience. Point #2 determines two main things. First, it influences whether you'll be accepted - because no matter how brilliant you are, if no one knows anything about your area they can't teach you or help you with research or networking. It also impacts what you'll get out of your degree - a degree from a department that isn't #1 in the country, but which allowed you to get great research experience, meet influential people in your field, and build a good publication record, and generally demonstrate your dedication to and knowledge of your field will serve you much better in the long run than a completely generic degree from the #1 school.
So, although of course people notice if you have a "big name" on your CV or diploma, if you don't have the substance to back it up it doesn't matter or help at all. Rankings don't matter at the graduate level.
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