its true that their applicants might be less in number, but I dont think so in qualifications, since we all made our decisions about where to apply based on last years data, which has not been changed by the hurricane. Since tulane will most likely be slashing their acceptances by at least 1/4 or maybe even 1/3 (the dean was quoted at saying that Tulane UG will accept HALF as many applicants this year), I think that their ranking will be unchanged in terms of selectivity, maybe even boosted.
I don't think it's been said, but from reading up on it thus far it seems like Franklin Pierce is pretty underrated. Granted, it's tough to place in Boston with all the competition from schools in that area, but their IP program is stellar (2006 USNews #6, higher ranked than Columbia, NYU, BU, Harvard, etc.). Sadly, it's another victim of poor rep.
I dunno if it's been mentioned but I think San Diego is underrated. It seems to me that everything I've read has been great about it. I think it could be a tier 1. Just my humble opinion though.