I would like to disagree slightly ...
I think that there isn't anything wrong with going to a higher-ranked school than say, a cheap state school. Think about it ... there are real reasons why the school is higher ranked by US News, however flawed the rankings may be. These schools probably have a higher proportion of students with higher test scores and GPAs; this may mean more competition for the highest grade, but it also may mean a more intense and stimulating educational environment as well. Schools are also ranked based on how much research funds they are given, and if you are interested in that it might be well worth your while to go to a "name" school.
Case in point: I had a friend who graduated from a large state school (ranked pretty low though) with a really high GPA and above average MCAT. This person also worked in two labs on campus. In the end, however, this person ended up getting an acceptance off the waitlist in July to the state school. I know that there are essays, ECs, and interviews to consider, but I really do think the name of the institution counts for something, otherwise people wouldn't be going to harvard or stanford or whatnot ... and if you look at the student populations of the Top 10 med schools, they all come from undergrads in the upper tier.
I would also like to mention that although it is true that "organic chem is organic chem is organic chem," there IS a difference in how the material is tested. There IS real difference in the rigor of subjects among different universities. The med schools know this, and they're going to evaluate you, at least in part, because of it.