Is the "Good" Always Right?

As I wrap up the last quarter of my junior year, the college admissions process is now starting to become a huge topic among both students and teachers all around the country for kids my age.  Some students already know where they want to go to school, and some students haven't a clue of what interests them.  Personally, I have researched and visited many colleges myself, and have composed a list of about ten schools that seem would be good fits.  

One issue that I have encountered already at the beginning of this process is the idea of a "good college".  To me, this statement comes off as extremely arrogant, not saying that all colleges are equal, but that there is this idea that there are good schools, average schools, and bad schools.  

Currently, college rankings are generally put together based on three factors:  The resources the college has, the admissions selectivity of students, and the average grades and test scores of the students that apply to these schools.  Nicholas Confessore of "The Atlantic" wrote that college rankings, such as U.S. News and Forbes, should not rank colleges under the title "The Best Colleges", but they should be titled as "America's Most Advantaged Colleges".  So as I start up my college admissions process, this idea of a "good school" has lead to many questions for me.  

First, how do you define a "Good" college?  Do you think schools with such strong reputations such as Harvard would drop in their ranking if they lost teaching resources?  And last, do you think teenagers have fallen into the trap of going to a school based on its reputation instead of going to a school in which they will have a great experience because it's a better fit?

http://www.theatlantic.com/magazine/archive/2003/11/what-makes-a-college-good/302814/