A second issue with the Hylton rankings is that they completely ignore placement. This isn't to say that US News gets the placement numbers right (they do try hard, however. US News has changed how it measures post-graduation success several times in big ways.) Placement is very important for students, many of whom are shelling out huge amounts of money for their education and correctly consider it an investment that has to pay off. The current US News numbers have some serious problems, largely because schools are reporting such uniformly high employment rates as to raise the suspicion that gaming is going on. A serious competitor to US News, from an applicant point of view, needs to tackle placement issues.
Bill Henderson and I are working on a paper we hope to have out this summer on the post-graduation placement statistics. There some interesting stuff going on with the shifting basis of the post-graduation statistics and some major changes in numbers over time.