How should a school's reputation factor into my choice of college?

How should a school's reputation factor into my choice of college?

Reputation is important when choosing a college, but I also think it needs to be taken with a grain of salt. Rankings, for example, are highly publicized in the media, but do people even know what those rankings are based on? Is it just an equation, or do they really talk about the academic programs? Or, is it just about the number of applicants? I think that reputation is something to be considered when choosing a college, but I don't think that it's the end all.