BowB4Jeff,
I think some of the top liberal arts schools (i.e. Swarthmore, Amherst, the Claremonts) might be better than NU (and its peer schools) for a few reasons...
1. When you're applying, med schools want institutional diversity. Since liberal arts schools have fewer students in general applying to medical school, these students are 'desired' more. This is why Swarthmore has a >90% acceptance rate for its pre-meds and NU has ~60%. Look at it this way: How many NU pre-meds versus Swarthmore pre-meds would an average UChicago interviewer face in an application cycle? Just by there being less Swarthmore applicants, the ones that do apply are likely to stand out more. The NU pre-med is relatively 'common' to the Swarthmore pre-med.
Institutions have tried to get around this...Hopkins pre-screens its pre-meds before they apply out, thus ensuring that only a select echelon apply and reflect well on the Hopkins brand name. NU, on the other hand, allows all of its pre-meds to apply out with no screening and only a little advising. This has its advantages and disadvantages. The biggest drawback is that the applicant pool sees a greater number of NU pre-meds with a wide range of credentials, thereby diluting the effect of the NU brand name. Top liberal arts schools don't face this 'dilemma of too many pre-meds' and thus retain the effect of their name on adcoms.
2. By simply choosing to attend a liberal arts school, it shows that the student is interested in being something other than the typical biology major with research experience from a large university (which make up a vast number of the applicants as per the MSAR book).
3. Liberal arts schools are also more likely to gear their resources towards undergraduate students because they are the main focus. That being said, advising offices at liberal arts schools tend to be much better than at other 'top' universities.
Sorry to make this so long, but hope it helps some.