University and Business School

One of the strengths of the MBA concept is the network of people you can create, not among fellow business students, but in other areas (gaduate or undergraduate): engineering, law, medicine, journalism, politics, research, etc.
The excellence of the university, not just the business school, is a factor to take into account in the final choice of school. U.S. News providesannual rankings of various universities in major academic areas. A tactical thing to pay attention to is actual proximity of the different schools within a university: The JFK School of Government at Harvard is separated from the business school ... by the Charles River!
Some schools like Harvard, Stanford and MIT have in their faculty mutliple Nobel Prize laureaTES. Columbia and Chicago have the largest number of Nobel Prize laureates in economics of all universities worldwide. Although business schools emphasize "operational" teaching, and although in most post-MBA jobs that's all you'll ever need, the presence of prominent theorists can be an human experience. It's fantastic to learn how these people think and see the world.
 
I personally had classes with Paul Romer at Stanford. The title was "growth and stabilization in the world economy". These were the best classes I ever had in my life.