First of all...for the purposes of this discussion it is essential to specify graduate or undergraduate programs...
In many cases, engineering/science schools which have excellent grad programs have less than spectacular undergrad program because the profs focus on the grad students.
For grad schools it is vital to look at a few factors: peer and recruiter reputations, industry relationships and research budget. Usually, if the school has money to burn and a great reputation, then they've got bitchin' profs to spend it. Also, don't forget Quality of Life...you'll be there for 4-6 years for a PhD so make sure you'll enjoy living there...my profs made a huge deal about this!!! For instance, Santa Barbara / San Deigo are beautiful locals with plenty of life....Houston is an armpit...Pasadena is cool and close to Hollywood (so you can get in a fight with famous people)...Havard's dorms might be mistaken for a dungeon (or so I'm told)...
Engineering/Science: MIT, UC Berkeley, Stanford, Cal Tech are always in the top five or ten at the very worst in pretty much every category and all have tons of money to spend. This also means they pay well too! For particular areas like maths, chemistry, or computer science other great schools like Princeton, Carnegie-Mellon, or Univ. of Chicago have top notch programs.
For undergrad, I suggest you look at the ratio of grad students to profs and, even better, look for schools were the profs are not required to publish or conduct research. That means the profs will have more time to spend with undergrad students. Many state college systems don't support much of any graduate programs in order to keep undergrad education "unpolluted".
The key to remember about undergrad...once your in industry for a year or so, nobody cares where you got your degree or, to a large extent, what your GPA was. When applying to grad school's, often times coming from a smaller school plays the diversity card for you not mention the fact that US grad schools are tired of filling spots with so many foreign students (in some cases). Once you get your MS or PhD, no one cares where you went to undergrad.
I'm actually applying to Chemical Engineering graduate schools for Fall 2003: I chose to apply to MIT, Cal Tech, University of Wisconsin (Madison), UC Berkeley, UC Santa Barbara, Carnegie-Mellon, and Stanford.
Edit: to what the gentleman before me said, industry feedback is often very different from peer evaluation from other professors...based on industry feedback, Carnegie-Mellon is off the charts in some engineering disciplines (like EE, ME and ChE) and computer science. UC Santa Barbara get rave feedback from indsutry for Chemical Engineering, especially in the area of process control.
Also, Any school in SoCal or the Bay Area that has a biotech/bioengineering program that is at least 5 years old will be bitchin', but UCSD has the best on the west coast...the biotech companies are so thick in those areas that California's naming cities after them...well, almost.
<-- worked in biotech/pharma industry for last 3.5 years.