Misleading? Helpful, not? I think they just make good press. There are just too many factors which can’t be quantified evenly for every student out there. Maybe I am wrong.
And how much does going to a top 5 school matter, over the lifetime I mean.
Re: College/uni rankings.
Um, depends on what you want to do with your education and/or career.
For certain things it does matter. Or at least it helps.
But I would not say that one can't be successful if they didn't go to such a school. I would also not say that anyone who doesn't go to a top rated school is stupid either, because many smart people chose to go to lower-rated schools simply because of financial issues/family issues.
Plus, each uni has its strong depts and weak depts. And whether a dept is strong or weak depends on what you're looking for in that dept. Too many factors come in when choosing a uni, so usually ratings matter nothing.
However, for some grad/professional school programs, where you went to undergrad does get factored in. Unfortunately. However, its not a major factor, since people are understanding that not everyone can afford an IVY. Also, when it comes to major political positions, some schools just don't make good platforms. So if you want to get into Senate or get into a politically influential position, you really really do need to be either at Harvard or Yale or some other IVY with strong political programs.