If you're going for your doctorate, then the people in your field know which schools are good for what, so it doesn't really matter where it's ranked.
If it's just a BS/BA thing, well, school name recognition matters in the region that it's located. I have a degree from UCD and it goes a long way here in California, but when I went out east, people don't know about the UC school system, so I have to tell them "well, there's UCB (Cal), UCLA, UCSF, UCSD, UCD, UCI,....."
Of course, if you go to a school for a chump major, it renders everything invalid
