I personally think this list is useful. Not so much for anything to do with law school, but for gauging the strength of the student body at different colleges (at least research U’s; it seems that other than at a handful of top LACs, at almost all other LACs, not enough students apply to law school for the LAC to show up on this list). At least the liberal-arts-focused portion.
Many kids want to go to a college where they are with intellectual peers. The problem is that we know that several schools really try to game their entering SAT/ACT and acceptance rate numbers hard (because USNews only takes in self-reported numbers of fall freshmen from colleges).
This list, IMO, shows a truer reflection of the quality of the undergraduate student body at various unis.
It’s shows, for instance, that McGill has a student body that is Ivy/Near-Ivy quality (roughly equivalent to Cornell) and a full-pay student can attend there at a fraction of the price while getting in is straightforward. A few of the schools that are above the lowest Ivy (Cornell) offer some generous scholarships (WashU and Vandy come to mind; also Duke and Rice, but they are very difficult to get).