A couple of thoughts to keep perspective:
1. The methodology behind the rankings is really unsound. For example, putting "per student expenditures" which is an easily manipulable statistic, at 10 percent weight and then not disclosing the numbers.
2. Pretty much only OLs care about these rankings. Hiring officials already have a set idea of which schools are better than others and won't be affected by rankings changes.
3. Unfortunately, the rankings probably have a culmunative effect on perceptions, but that happens over a long time. The most important statistics are probably peer scores, legal field scores, and acceptance statistics.
That said, its annoying that a publication with terrible methodology can have so much power over how OLs think about their schools.