I'd have to agree, I honestly never saw the stack ranking system screw anyone over the way it is being made out to seem.
It is true that ultimately your manager has to make a case for what bonus/raise/promotion you deserve, and rankings will figure into that. If your manager sucks and/or hates you, he isn't going to fight for you. But if you have a sucky manager, you are in trouble no matter which company you're at.