I'm only asking this out of curiosity since I've seen posts/discussions about getting into "top" graduate programs etc. This mentally (wanting to get into a "top" ranked program) makes sense (depending on one's priorities) for undergraduate study, since the selectivity is what gives the degree its "prestige." This may also hold true for law or medical school programs where rankings may reflect the level of training one receives and/or directly affect internship/residency opportunities etc. However, I'm not sure how this would apply to a research degree.
For example, in masters or PhD research programs, you're applying to conduct research under the auspices of a specific advisor. Thus, it seems that alignment of research interests and personal compatibility should be prioritized over "rank" of the program. Obviously one still has to meet certain admissions criteria regardless of the program they're applying to, but it doesn't make sense (to me anyway) to rank/judge research oriented graduate programs the way one would an undergraduate or "professional" program (i.e medical or law school etc).
Also, will the quality of one's graduate education or future academic career opportunities be affected by the rank of the program? Personally, my main priorities are location combined with compatibility of an advisor. However, I was curious as to what criteria are used to rank graduate programs and why would one prioritize rank of program over other factors.