I think it really depends on which schools you are trying to get into. Every school or sometimes every states have different admission requirements and standards. I know, in some schoold, they only look at whether if you graduated top 10 or 15% of your class, which doesn't necessary show you are academically well off. In some schools, they look at your GPA only, although that might be a more accurate way to measure academic success, you also have to think about how the school's curriculum play a part in a particular high or low GPA for students.