It's really true. I think we all started the same way though, trying to find "the best program," and then found out that meant "the best fit." But they really are pretty evenly matched in EM, and DO NOT go by who is strong in medicine and surgery. My approach was:
1) Decide where you want to live (ie - big city: NY, LA, CHI, Detroit... small town, costal, northeast etc...)
2) Have a feeling for academics or not. In this case, the program does matter. Some send out a lot to teach, others almost none. 4 year programs are probably better for research aka-teaching. We all say "maybe" then learn what it really means.
3) Make a broad list of all acceptable programs and review with a knowledgeable PD who can tell you the secret pitfalls and those programs headed for probation. Freida's list works well for this I think.
4) Research on Freida, Individual Web Sites, SAEM, ACEP, etc... Learn about size, volume, and diversity (often not related to location!!!). Don't worry about # of years so much, just find the right fit. Ask around. Do you like indigent patients, nursing duties, all white old ladies, gunfire, hands off or on, big names, free time, happiness??? -the choice is yours.
5) Make a reasonable list and I still used the rule of 1/3rds (most competitive / middle of the road / easier). This can be tough though, b/c programs in EM are not always what they seem. You will be suprised to find out during interviews that some programs you thought would be powerhouses turn out to be very weak when you get to know the details, and subsequently suck in the match despite their good names. Alot of times it goes by location. And some programs that you wouldn't guess are highly competitive b/c they base interviews on intangables and don't jump off the paper if you don't have the inside scoop.
6) Apply to a decent amount. I cancled over 1/2 my interviews once I got sick of interviewing and finally settled on what I was really looking for. Better to have too many than too few.
7) Rank in order of where you want to go. Base your final decision on (in any order): Will I get a good clinical foundation? Is this who I want to work and live with? Can I live there?
That's pretty much how I started I guess. There is no US News list, so stop looking.