I sure hope this succeeds. The university where I work consistently gets dinged in the ratings for low "exclusivity." But we're a public institution - our /mission/ is to give as many people access to an education as possible.
Exclusivity is essentially a measure of supply and demand - but using it in a ranking of quality is nuts. It's like saying that a designer handbag is higher quality BECAUSE it's harder to get. It's totally backward.