Washington Monthly has published a new set of college rankings that evaluate colleges based on factors that actually impact students' lives-- not just the competitiveness of the admission process or the size of the endowment.  Though they frame it was evaluating "what colleges do for the country," research opportunity, living in diverse communities, and service learning are all experiences that will transform students' lives and give them greater opportunity in the future.

See the rankings here:
http://www.washingtonmonthly.com/college_guide/toc_2011.php

Read more about the methodology here:
http://www.washingtonmonthly.com/magazine/septemberoctober_2011/features/introduction_a_different_kind031630.php?page=1 

The notion of ranking colleges is always problematic-- what works for an individual is not captured by generalities, and there is no "best" educational expereince-- but this ranking might challenge some preconceptions about what makes colleges good.