Geo location does matter ESP when it gets to specific industries. For example, you may find 20-40 active Mendoza alums in LA but they are all in the entertainment industry and if you are aiming for finance, it will be tougher to find this connections. I just had a lunch with Rhyme on wed (name dropping

) and he mentioned that DC has an active Booth group and all alums are really cool but they are all into politics and government and there is not really much to talk for him at meetings (which is a stretch since he could talk to anyone about anything) but still not much of an overlap whereas in Chicago the group and support are significant and open many doors.
PS another benefit of attending a school in the city that you will live is many of your friends will stay there too as opposed to schools in locations people are unlikely to stay ( tuck, duke, unc)
Posted from my mobile device.