I suppose I am biased, but I feel that the cluster system captures the importance of reputation without getting mired in the "horse racing" aspect of the league tables. I see little value in arguing whether a given school is "hot" or "on the decline" based on the flavor of the week ranking. Of course, if all of the rankings show a consistent decline that appears to be tied to a bona fide problem (e.g., career services office that alienates recruiters) I would want to investigate further.
At least when it comes to Investment Banking, the evidence appears to be rather consistent with conventional wisdom regarding rank. While an MBA is not necessary, the MBAs that are present are overwhelmingly awarded by from the top cluster schools (UE,E,TCE).
https://www.gmatclub.com/phpbb/viewtopic.php?t=41497