How closely? Not very. If your school does well (like my alma mater did @ #12) you think it's a great survey and you received a quality education. If your school doesn't show up in the top 21, you probably think it's a piece of crap.
It's always interesting to check out, but I don't think people take it too seriously. I can't imagine employers look at it and think "hmm, this guy went to Bill's University and Maclean's says that is a good one".
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