Dean's List: Big Deal or Not?

Haven’t seen a recent discussion on this. Given UChicago’s famous “grade deflation”, how useful is this designation for job market or grad school apps.? How many are named to Dean’s List each year?

"Dean’s List

Degree-seeking students whose cumulative grade point averages are 3.25 or above for an academic year (in which they have completed a minimum of nine courses with at least seven quality grades) are placed on the Dean’s List for that year and their official transcripts are marked accordingly. Students are only considered for Dean’s List once all of their grades for the academic year have been recorded. A determination is made each year on the basis of grades available in the registrar’s office after July 1. For course work that does not contribute to the GPA, see Grading Scale."

http://collegecatalog.uchicago.edu/thecollege/takingcourses/