Is being in Phi Beta Kappa REALLY that impressive?

I always hear about how impressive it is when adcoms see that an applicant is a member of PBK, but I mean, isn't it all relative? I had a cumulative GPA of 3.86 as an undergraduate at an Ivy League college, and I wasn't elected to become a member of PBK. However, I know some people who go to much lower ranked schools (as in US News ranked 50+) who were able to be a member of PBK with lower GPAs than me. Shouldn't this be taken into consideration; the fact that people who go to lower schools...

Is being in Phi Beta Kappa REALLY that impressive?

Is being in Phi Beta Kappa REALLY that impressive?