My son is one who chose affordability over school ranking. He is thrilled with his decision. He is using the opportunity of being a top student to his advantage. As a freshman, he is already working for one professor on research and has been recruited to join in the fall a second team in a different dept. (He is currently triple majoring, but I think he has recently decided that he is going to drop one.) He will be able to take grad level classes next yr due to the # of credits he brought in.
My son has not seen any downsides. But, as myos1634 pointed out, our son actively seeks out opportunities. He has formed relationships with professors and eagerly accepts the mentoring they offer.
his school also has a great honors program.