Rankings depend on the criteria used and these criteria vary. As someone with a rising senior looking at colleges and as someone who has recruited at many university campuses, I find these rankings (including the highly followed US News) absolutely meaningless.
There are two general issues when looking at which college is "better". First, is the personal one and include three sub-issues - (i) what is the type of school and campus that will allow your child to thrive to the best of their ability, (ii) whether the course offerings match your child's interest and (iii) financial limitations affecting a student's choices.
The second issue is the more empirical one (to the extent it can be empirical) of which college is actually "better" than others you are considering. Since for most people, the end game of going to college is to get the best job you can (or at least have the most options of jobs to choose from) or go to the best grad school you can (subject to financial and other constraints) the only issue to me as to whether one college is better than others under consideration is - (a) which employers recruit on campus or otherwise regularly hire recent grads of the school and (b) how low the top graduate and professional schools will go in terms of grades and boards as relates to grads of that school (ie, the lower the credentials required to get into a top law school, MBA programs Med schools etc. from a particular undergrad school, the better the undergrad school is viewed).
So to me, what makes a school "better" than another school (putting aside the above personal and subjective factors (I), (ii) and (iii), above) only matters in the eyes of those that count - employers and post-undergrad academic programs.