Agree 100%. As the wise gyngyn likes to point out, CA is a net exporter of med school matriculants. UCLA alone graduates enough pre-meds to fill up every med school seat in CA.
In terms of quality of applicants, AND their performance in our program, I see no difference between someone who's a 4.0 at U Chicago or Harvard, and someone who's a 4.0 at Kutztown State.
Not once has my Adcom rescued someone from the waitlist by saying "he got a 3.2 at [Name School]; that's like a 4.0 anywhere else". So no, we don't take academic rigor into consideration.
I've been curious about this too. I have a not-so-hot GPA from an Ivy League school, and I busted my butt for said gpa, so I'm really hoping that academic rigor of undergrad is taken into consideration at least a tiny bit?