For me, formulating my ROL was based on a number of things. First and foremost on my list was location. I had to choose places where my wife would be happy, and I would feel my kids were safe. Cost of living was also a large factor in that there are plenty of programs in this country that I could not be in based solely on inability to support my family. After that, I ranked based according to the characteristics of the program and the people involved.
As far as the characteristics of each program go, my No. 1 priority was operating experience. When I finish residency, I want to be a competent, operative orthopod. As far as "reputation" of the program and research, I really couldn't care less. Some of the places I interviewed don't necessarily have an outstanding reputation, but I felt that I would receive very good surgical experience. Also, I took into serious consideration the impression I got of the various attendings and program directors. A couple of programs I really liked, but the PD's soured me a bit, whereas 2 others made serious jumps on the list based on their faculty.
Hope this provides some insight.
Good luck y'all, only 17 days until match! Holy S*&#!