Interesting analysis, Hjort, thank you.
While I was researching schools, I was under the impression that Kellogg was stronger in general management than Columbia, Chicago and MIT, and positively on a par with Wharton. In retrospective, the main difference I can think of between my perception and your analysis is that I considered MC placements to be an indication of general management pedigree.
MCs definitely don't run companies, but they do get to advice CXXs and organizations in general in several issues which would be considered general management issues. On the other hand, their generalist approach is limited as consultancies (and consultants) need to specialize (at least a little bit) and they won't get close to managing all aspects of an organization. In the end, MCs would just advice organizations on the best courses of action for a certain situation but would fall short of running the organization.
L.