I guess it really depends on what your are looking for.  Since it is an M. Arch II (non-professional), i don't think that degree (not the the school name) really affect how employable you are (for a design firm). Mainly because, I believe M. Arch II's are studies after one has already gained a professional degree, and being so I don't believe they are meant to enhance you professionally, in terms of architecture.

However, if you are looking to take the academia route, then I think what you are studying and where, probably plays a significantly role.  If your looking to teach in the future, it looks like Penn would open more doors than say MD.  If not, then I'd take the cheapest route.

I went to MD undergrad btw, decent school!    

I'm no expert so someone correct me if said something stupid...

The name of the school might look good on your resume but in any design field its your portfolio that will do the talking. and you should really choose an M. Arch II programs based on who you want to study with. and why type of course work you want to take. the work you will be doing and the connections you make at University might help you get the job you want after you graduate.

Woops, I meant to write M.Arch I...first professional degree!! 

Reputation is more important than rankings.  Rankings, I think most would agree, are based on criteria that is not necessarily relevant to making a good architect/designer.