I often wonder if by "academics", we should really be saying "academic reputation", because there are bad profs everywhere. Being at a great "academic" school doesn't automatically mean that the student will have a slate free of bad profs (smart as hell, but difficulty with communicating, huge work loads, playing favorites, sometimes even English is a challenge, would rather be doing research, huge classes taught/graded by TA's, etc etc).
Another reason why ALL things (listed nicely by obs44) really need to be factored in...."academic reputation" being just one of those factors.