Not really sure about how it works in the US. I'm assuming there must be 10x the options that there are here, simply because of greater population and more universities in general.
As a PT I will tell you, from my experience anyway, my choice of school depended on several factors. Now graduated, I will elaborate on what I think is important for a PT student:
1. Location in proximity to hospitals/sports clinics of high caliber, so that I could have strong clinical experiences.
2. Dedication (hours spent) on the different aspects of PT: neuro, MSK, cardio-resp. Depending on where you want to work in the future, you may want to look for a program with a stronger focus on one of these areas.
3. Opportunity to conduct clinical research during the program. Some schools have a full research project whereas others don't require any. Ask yourself if you want the experience of doing research.
4. Caliber of faculty. Are the faculty involved in ongoing research? Do they have clinical experience in the fields that they teach? Do they attend/present at conferences? You probably want profs who are up-to-date with the latest research and who are actively involved in disseminating research. This shows their dedication to what they do as well as future potential for networking.
5. School facilities. Does the school actually have the equipment that you are lectured about so that you can practice the skills? Are there enough plinths for students to practice on? Are there areas for studying after hours/weekends if you have to?
6. Time spent on formal clinical skills. Some schools do a 50/50, with half a day in labs and lectures every day, so you have tons of hands-on practice. Some do much less formal clinical stuff, and it's on you to practice after school with your classmates. Also, find out who teaches the labs? Faculty? Clinicians from the community? Self-taught?
7. Anatomy instruction. Anatomy is KEY for PTs. Will you have a formal anatomy course with an anatomy prof? Are there anatomy labs with specimens you can access? Will you have cadavers or just plastic models/prepared specimens - some people like the experience of dissection.
I would highly suggest that you consider these things. You are correct in saying that it's all about passing the exam. But don't take that as lightly as any regular exam. Once you pass and become a licensed PT, you are responsible for your skills and for the safety of your patients. As a practicing professional, I would hope that you would strive to provide the best care you can and that you would be motivated to stay on top of your skills and update them as necessary. Anyone could pick up the NPTE book and memorize it, but in the end this is a hands-on profession. If you can't do the clinical stuff, you won't get much respect from your colleagues or customers. Keep that in mind. I think that's maybe where the Canadian system has an advantage, there are both written and clinical exams - memorizing the book for hours won't help you with the clinical stuff.
Feel free to email me if you have any questions about PT school (although Canadian, I'm sure our experiences are very similar).