Lol @ Loughborough in 5th - ranked below Bristol, Warwick, Bath and Durham in everything that really matters: research, entry standards, good honours, employment, etc. yet somehow above them, all because of the student satisfaction survey. A survey filled in by people with knowledge only of one university, and so not really a basis for comparison. When Northampton, which I know very well to be utter ****e, has a score above Imperial, I'd guess it's a pretty bad measure of anything academic.
The same, to a lesser extent, between Oxford and Cambridge. Oxford wins because of spending, when the academics should really be weighted higher, IMHO. Cambridge is top of 2/3 of the degrees it offers, Oxford nearer 1/3.
In terms of their ability to attract the best students (ie. entry offers), it goes:
Cambridge
Oxford
Imperial
LSE
Durham
Warwick
York
Nottingham
Which seems a lot more realistic as the top few, if you're judging academics primarily, not trying to compare a measure of student satisfaction.
Another issue I always have with it is how it measures graduate prospects - in terms of employment numbers, not quality of employment. York really has worse graduate prospects than Kingston or Abertay Dundee? Surrey being better than UCL, Oxford, Warwick or Edinburgh? Try telling that to graduate employers. UCL, Warwick and Oxford regularly get people into the hardest-to-get-into employers - top banks, consultancies government, academia, etc., which Surrey doesn't. Nothing against Surrey at all, but it doesn't create more employable students than UCL.
A bit disappointed at the way the table's going. It could easily be made into a useful guide, as the subject tables are. Look at the US way - uses spending, but weighted very low, grades, reputation, and academia rates highly and a far better notion of graduate employment. Then you end up with sensible tables.