Even a few weeks ago I was very much thinking that if I got into my reach school, I would go there. Now that I've visited the schools I actually got into that are ranked lower, I don't think I'd go to the higher-ranked school even if I was accepted. I felt very comfortable at both the schools I visited, and for me, it will come down to a matter of location to decide between the two.
On the other hand, the higher-ranked school has an enormous class size and seems to be a fairly competitive environment. It looks to be full of kids right out of undergrad who didn't get into other local schools that are ranked even higher (which adds to the competitive bit). The professors, while always referred to as "experts" in their fields, are also often mentioned as not being that great of teachers. One of their big selling points is about how many of their graduates enter a field of which I have no interest. I've also heard, in general, more negative things about the school than I have the lower-ranked ones. I can't picture myself being very happy there.
I've heard many times that I should go to the school that's ranked the highest NO MATTER WHAT, but really - there's more to life than rankings, and if I end up closing some doors by not going to the higher ranking school, so be it - it doesn't mean I have no doors at all.