Wake is a very good medical school. Its reputation is excellent in NC and beyond. They are very respected within the medical field and among other medical schools. If I were to take a gander, I would suspect that their US News ranking doesn't reflect this due to its size and raw research dollars. Ask anyone in the field, though, and you'll good reports. There, after Wake gave me no love, I turned the other cheek.
Wake forest is a very good school, but a very boring school. There's seriously nothing to do but watch their ftball/bball team. There's NOWHERE to go outside, from my int. experience and from a friend.
Of all the schools I visited, Wake was the one that most had me feeling like "Damn, I would love to be a part of this."
That being said, I'm not going there--waitlisted, and accepted to my in-state public--but it struck me as a great place to be. Those rankings shouldn't be ignored either--you have to remember that Wake is still dealing with getting out of the Duke/UNC shadow.
Wake has a very good reputation and some interesting curricular features. They're definitely one of the most "wired" med schools that I visited esp. with their anatomy program.
However, the quality of life at WFU seemed really dismal. The students I talked to seemed to talk about how everyone was married and lots of pepole had kids so there wasn't much of a social atmosphere. Seemed like everyone came to class together and did their own thing outside of it. Winston Salem is also a DISMAL place, there really is NOTHING there. Students either went towards raleigh/chapel hill or charlotte for fun (both over 1 hr drives!). If you're a NC resident I don't understand how you could EVER justify turning down UNC to pay WAY more money to go to Wake. Even from out of state this would have been a no brainer for me (if I had gotten in to wake). In fact, after my UNC acceptance the first thing I did was withdraw from Wake's waiting list, and I couldn't have been happier to do so.