Don't you just love university rankings? The 2011/12 QS World University Rankings are out (I refuse on principle to link to rankings, so you'll have to find them for yourselves). Cambridge tops the list. Indiana comes in at 216, just between the University of Reading (UK) and the University of Indonesia.
What complete and utter BS. Like all other educational ranking systems, you will probably find general agreement on the top quintile and, perhaps, the bottom quintile (although where to rank individual schools within those quintiles is another matter). But any effort to rank the vast majority of institutions of higher learning in between is utter nonsense and should be given no weight by prospective students. And, yes, I'd say the same if IU were ranked in the top quintile, which it is not and probably should not be, except in specific subject areas (but the QS rankings only deal with the university as a whole).