I'll be starting my first year in medicine at the U of M this fall. I had a heck of a time deciding between the U and University of Pittsburgh, which, on paper, is a "better" school, whatever that means. Not even the deans of admission at either school could really tell me how going to the "better" school would actually translate into better opportunities, jobs, residencies, or whatever.
I don't know about the stats that were reported. My understanding is that if you get a secondary, YOU call THEM to schedule an interview (that's what my app said to do...), meaning every secondary is interviewed. I don't think their in-out-state ratio is any more skewed than anyone else's. They told me that they automatically give out-state residents in-state tuition anyway.
As for quality, I talk to a lot of physicians as a part of my job (pharma market research), and most agree that where you go to medical school, with some exceptions, is pretty irrelevant. The classes are all pretty much the same, you're going to have good an bad teachers wherever you go, and the vast majority of med students in the US go on to more-or-less primary care specialties in semi-private practice. If that's your aim, where you go to med school seems to make zero difference. If, on the other hand, you're looking to be a "star," the U sent like a dozen graduates to Mayo residencies in 2001, like 5 to Hopkins, 2 to Harvard. It's hard to know how that compares nationally, but if you can go to Hopkins from the U, it's probably just fine.
Anyway, the conventional wisdom seems to be that unless you're talking about the top 5 or ten schools, differences in US News rankings aren't very significant in terms of what opportunities you'll have coming out of medical school. Consider, also, that for every $10,000 you borrow, you'll pay $125 per month of the course of a normal 10 year loan repayment.
So, final advice: go to the school that can get you into the residency you think you want, the school that you feel comfortable hanging around in, and the one you can afford.
for the record, I applied to MN, IA, Pitt, NW, and, of course, Yale and Hopkins (yeah, didn't get an interview...).