I think the best piece of advice is, no matter what, only rank places that you would absolutely want to go.
Frankly, I think that this advice is ridiculous.
What exactly is a medical student planning to pursue a career in neurology going to do if s/he doesn't match? Most likely, one would end up applying again during the prelim year and have to go through much additional unnecessary stress and struggle. And for what? So that you can learn that you're now less competitive than you were as a 4th year medical student and that you aren't going to magically match into your dream program?
When I was a 4th year medical student, I knew for certain that I wanted to be a neurologist and I would have gone to a new program in wyoming if I had to. I ranked all 13 programs where I interviewed...even ones that I didn't like because I was willing to make the saccrifices necessary to become a neurologist.
Even at a small community program, you can make your own research opportunities if you're truly motivated. Even at a big name elitist program, you can suck it up and play the game for 4 years and become a quality outpatient clinical neurologist.
These are the circumstances where i can understand that someone would reasonably not rank a program:
1) The program is plainly malignant/abusive/nightmarish
2) The program is located too far from a significant other, and you are willing to make saccrifices in your career to be with that person
3) you've decided that the program is so bad that you would prefer to change specialties or pusue a year of reseach or do other things to improve your application rather than matriculate there.
Failing to match is an absolutely devastating event in one's medical career. I saw it happen to many of my classmates, and they ended up scrambling into an undesireable prelim, settling for a different specialty, or pursuing research for the hope of matching in the future. A lot of people end up calling programs which they didn't rank during the scramble period because they are so desperate. They come to the realization that going to a less desired program is better than having nothing. Nothing clears the mind like the site of the gallows [Mark Twain].
Listen guys...
I matched into my #1 choice, and I'm not all that happy. Residency in general sucks, and although some places are better than others, this is something we all do for the sake of delayed gratification...for the right to have an interesting career in a dynamic field, to have the opportunity to make a positive difference in people's lives, and to make a comfortable living.
To program directors, you are just another warm body with a 250 on step I, so don't let your own arrogance risk your career.