BobAEPi has good points although I personally disagree with some of them. Here are my thoughts on some of the things that were brought up.
1) The "names open doors" phrase is used ad nauseam and I think is misleading. Yes, a big name in orthopaedics writing a great letter for you is obviously helpful. However, if you do an away rotation in get the same letter it is just as helpful. Also, I have yet to discover any doors that are "closed." I will venture that if you are competing for one of the top sports fellowships in the country that knowing the right person is essential, but in orthopaedics when there are so many outstanding residency programs I think going to a no name medical school means relatively little if you still have the board scores, grades, and recs to prove your worth. Even if the door gets opened because of a big name pedigree, you still have to walk through it and that means backing up that pedigree with performance. Maybe my argument doesnt hold water, but to me it seems the most common demoninator in matching successfully has nothing to do with pedigree and has everything to do with working hard regardless of where you are from.
2) Being around other students that work hard and are smart is good, but I think you will find that at most medical schools. Also, being around "smarter students" may inspire you to achieve greatness, but it also might cause you to fall like a house of cards. There is nothing wrong with being a small fish in a big pond, but I sometimes think the big fish in the small pond eats better.
3) I apologize in advance if the following is condescending, but after a rotation do you think anyone you work with will really care what school you are from? BobAPEi is from Cleveland which means he is attached to one of two very impressive and well respected orthopaedic programs. However, the success of those orthopaedic programs says very little about his abilities as a student and future resident. Again, if you work hard and are likeable, people will ultimately be impressed. But if on the other hand someone is a jerk and/or lazy it probably is not going to matter whether they go to the best medical school in the country and Rockwood & Green are their godparents. Attendings and residents want to work with people who are smart, hard workers, and easy to get along with. I venture that reputation of medical school is a minor not a major issue. I hope the above does not seem like an attack on you BobAPEi, I am just using you as an example since your pedigree is solid.
4) "Forget about the money." I am not going to say that money should be your top reason for choosing a medical school, but I definitely think you have to consider it. There can be a drastic difference between state tuition and private tuition. It may be true that if you go into orthopaedics which is one of the most financially rewarding of all specialties that the difference in debt does not seem all that significant. The difference between $125,000 and 250,000 may be nominal. However, if you fall in love with general pediatrics making horrible pay and suddenly find yourself in a city with a high cost of living, a stay at home spouse, four kids requiring private school, a dog, two cats, a mortgage, a parent in a nursing home, and alimony payments from your first marriage--the difference might seem more than nominal if you felt like your education and career opportunities would have been nominally the same at the two different medical schools regardless of career path.
I will now step down from my soapbox. As I said, BobAPEi makes valid points, I just have a different perspective. Sorry about the long post. The above rant might be related to the fact I am on call on my 5th month of general surgery rotations and longing for the good life. . . .