I think being a QB finalist is a great title to have but you may wanna ask those who didn't go through with the College Match if they think it helped them, collegehopeful78. I'd say it's a pretty good hook in addition to good grades and extracurricular activities.
I'm glad to be of help, Rosh420. Lol, I bugged a couple of people who did Questbridge two years ago with my numerous questions so I'm happy to pay it forward. The whole QB College Match process for this year is outlined here: http://www.questbridge.org/students/index.html
Basically College Match works by filling out QB's very detailed application during September of your senior year. Some colleges require additional essays but that shouldn't be a problem if you start early. Also, sometimes you can reuse essays because the prompts are so similar. QB then chooses a certain amount of finalists (it was like 900 last year; I don't know how they decide how many students to make finalists) in late October. If chosen as a finalist, you can choose to participate in the College Match process and submit your final ranking of QB's partner colleges. Keep in mind that this is a BINDING process after you submit the final ranking form. QB is awesome because it allows you to apply ED to so many elite colleges and if one of those colleges you rank decides to rank you back then you get a four year, full-ride scholarship to that school. I know of a couple of people who didn't rank a particular college but that college was so interested in them that they were still offered the College Match scholarship. The most important advice I could impart about QB's College Match program is to choose your final ranking VERY carefully if you become a finalist and opt in because you're stuck if one of those colleges chooses you back. I know of some match winners who were very disappointed that they didn't get into their first choice and now HAVE to attend a college they didn't initially love. All of the QB partner schools are amazing and I know of some people who ranked all of them and I know of some who just ranked one school.
I think the matching of QB schools and finalists is done by a computer algorithm or something. It's all very complicated. Basically, the college's give QB a list of the finalists they'd be willing to give full rides to. I don't know if the college or the student ever finds out how they ranked each other if there's a match. I definitely know that you don't find out if another college was interested in you if you get the College Match scholarship. I don't think the order plays much of a role if you only get matched with one college. It becomes important though if more than one school is interested, then the college you ranked highest is the one you're matched to.