I just made a similar post on otomatch.com under the "should i go to a program that does free flaps" (or whatever).
Ranking is difficult. This is basically going to seal a lot of your options in the future. It really does. I never realized how uninformed I was about programs in general until I was well into residency and you learn about other programs and your colleagues who go through residency with you and in parallel to you. Some of your reasoning will be sound; some of it will be ill-informed.
You can't be miserable at a program. However, you can't expect to be walking on sunshine either.
You want a program that gives you all the experience you need in your career; however, you don't want to be operating to 2 am every other night or be murdered on call.
If I could give you my advice, it would be this.
1) Location is really unimportant. It's five years. If you're single, bite the bullet. If you're married, convince your spouse to move. If you have a family, find a way to make it work. It may suck to be in a place like Iowa (no offense, Throat) or whatever, but if the training is good, you won't regret it.
2) Seek a balance, but some things are more important than other. Things I consider important are in the following order: 1) Head and Neck, 2) Rhinology, 3) Otology, 4) laryngology, 6) plastics, and 5) peds. Why? Here's why. If you go to a program that is head and neck strong, you pretty much can learn a lot of skills. Programs strong in H&N will get you your cancer cases, thyroid cases, flaps, pituitaries, and the like. You may never touch another cancer case, but you'll have mad skills in the OR. If you are private practice bound, sinus is going to be your bread and butter. That brings in a lot of dough. So do septoplasties. Outpatient turbinate surgery, sinuplasty. Highly profitable stuff. Better know how to do tehm well. Again, if you're going into private practice, you're not going to be doing acoustic neuromas, lateral TB resections, labyrinthectomies, or cochlear implants. But, you will do tubes, tympanoplasties, mastoidectomies, and potentially stapedectomies. For laryngology, if you can do strobes, do microlaryngoscopies, microflaps, vocal cord injections, thyroplasties, and BoTox, you've got a good laryngology practice. Beyond that, it's going to a laryngologist in your area. Plastics is highly specialized and if it's purely cosmetic, you might not want to mess with it. However, doing blephs, rhinoplasties, and mandible fractures (insurance, yes) are good money. Lastly, people often lament that a program has no pediatric otolaryngologist. So what? I bet you this: if you go into private practice, you ain't doing a pediatric neck mass, cochlear implant, cleft lip, or tracheoplasty. Tubes. Tonsils. Thyroglossal duct cysts.
3) Rank a program that works you, but make sure this program strikes a balance. If it's all OR, that ain't right. If it's all clinic, that ain't right either. If you're up all night on call typically, don't worry about this. You'll go home the next morning. Don't worry about minor violations of the 80 hour work week; you'll live.
4) Rank a program that has a clear didactic schedule run by attendings and/or fellows, not one that is run by residents. Rank a program that considers the didactics mandatory and excuses residents from clinical duties, not one that lets you go if clinic is "light" or if the case is "almost done" or whatever.
5) If you get a bad vibe from one attending, see how strong the others are. You can work with one bad apple. More than that, think twice. Remember: balance.
6) Don't rank a program just because of its name. What they are now doesn't necessarily live up to its name.
7) Do look at where graduating residents go. If they are going into fellowships, look at what types and where they go. This is tough. Some fellowships aren't accredited, but that doesn't mean anything. However, some fellowships, although not accredited, are pretty shady. For example, head and neck fellowships aren't accredited. Obviously going to Sloan would be great. Going to the Alaskan Head and Neck Institute for fellowship may not be so great.
8) Your gut isn't always right; don't forget that you occasionally have gas pains.