Hey! I'm a US high school student, and I'm just here to verify what others have said. Reed is a top notch school and very highly respected! Getting a degree from Reed is similiar to getting a degree from Stanford, MIT, or the Ivies. Keep in mind though, everyone who goes to Reed is EXTREMELY intellectual and spends many, many hours doing coursework. These people are hard-core academics. Reed attracts many odd students, and some students who are definately lacking in the social skills area. Personally, I would never want to go to Reed just because I couldn't handle the stress and the liberal student body. I am not some Bush supporting conservative, but the people who go to Reed are WAY too liberal for my taste- they go take liberalism to the extreme. If you want to be among some academically motivated students who are a little more normal, I'd say look into the ivies and swarthmore/williams/stanford/ect, but if you decide to go to Reed, you will get a great education.
I also second reading Colleges that Change Lives! Great, great book! Do not assume that rankings=great education. Be sure to do some more research on the schools provided in this book though, because the book gives glowing reviews of every school without talking about the negative aspects. I'd use this in conjunction with another college guide book like Princeton Review's Best Colleges.
Let me know if there is anything else I can help you with! I'm going through the US college application process right now.
-Lauren