I am a current T3 at Tulane, so my perspective is a litter different from PerrotFish. After the storm, Tulane SOM got a new dean, and slowly, his policies have been changing the school for the better. Therefore, I have seen more of the positive changes than PerrotFish, so I would have to disagree with him on a few points.
First, remember, Tulane med has not participated in US News since 2008 (I think). At that Time, Tulane was rated in the high 50's, and since then, the number of applications and mean MCAT score have increased.
Re, research: Tulane has created an MD-with-thesis track, and the med school heavily advertises it to first year med students (
http://tulane.edu/som/debakey-scholars/pathways.cfm). The program was started when PerrotFish would have been a second year. That being said, Tulane does not have the research facilities of Stanford or Duke, but it does have ample research opportunities. In the years since Katrina, the med school has hired more research faculty, expanded facilities, and NIH funding is higher than it was pre-Katrina.
Re, advising: I will agree that unless you are proactive, you may not get much advising during your preclinical years. However, if you get involved with research or just get to know faculty, it's very easy to get quality advising. Again, it's about being proactive
Re, class size: I will agree Tulane has too many students. After the storm, the university increased its number of med students. Since then, they have opened a satellite campus in Baton Rouge for third year clinicals to handle the increase in students (it's actually a fantastic program). I should note that only students who chose to go to BR are assigned to BR for their third year. Once the new Charity and VA are built (especially the VA), the increase in class size will actually not be an issue because there will be an expansion of the current facilities. Currently are there too many students on my rotations? I'd say no, but we're probably close to capacity.
Re, Step I: the curriculum was changed after the storm, and it wasn't until my class (or the class before) that the benefits were apparent. My class beat the crap out of PerrotFish's class on Step 1. Why? Because we had a solid curriculum and higher admission standards (i.e. MCAT) than in previous years.
I got a decent scholarship from Tulane, so for me, the cost has not really been a big issue. If given the chance, I would still choose Tulane over the schools I was accepted to.