The rankings out there are meaningful if for no other reason that establishing a consistent set of criteria. I used US News because that is what so many on CB love to use when in these types of discussions.
I am aware of discrepancies in average student at the institutions and the discrepancy in undergraduate missions. The recent tech boom in Utah has been favorable to BYU when it comes to looking at company and job creation but Utah has been in the company creation game for a very long time and has many established companies in its tree. Research Park is just a small example of the economic impact the University has had.