IMHO - smaller is better when it comes to schools - especially in the lower grades.. Smaller class size makes a huge difference for everyone involved. I'd want to know the teacher to student ratio at any school considered.
For us sports are not that important. I realized early on that DS7 is more of an individual sport kid (skiing, biking, rock climbing). He now swims competitively year round and has made several good friends through that program. I found that certain sports attract different peer groups. Not to generalize but some sports, like swimming, seem to attract more educated families. And although our school is not a big sports school - DS has learned how to play soccer, field hockey and football in gym class already this year.
As far as location of school - our school is a 20 minute drive. We can't afford to bus so I spend 2 hours a day in the car. I keep school supplies handy so DS can do his homework and I love the extra time with him to just talk. I was dreading the drive but it actually turned into something we both enjoy. Plus I hear everything about his day.
I think peer group is so important in selecting a school. At PS DS was made fun of for liking Star Wars and science, and for not having video games. (We are old-school parents.) At our new school he role plays Star Wars at recess with his classmates and he's not the only child that doesn't have an Xbox. He just fits in there.
As for Blue Ribbon status - this is simply an award from the government that is tied to the NCLB act. Basically it means that the school's lowest performing students passed some standardized test a few years in a row. It has no effect on gifted programs. And on differentiated instruction - good concept. DI is the latest academic buzzword. If someone mentions DI ask them specifically how it's implemented in the classroom on a daily basis.
On schools - you may want to check out schools that use the Sudbury method. DS goes to a Friends School and we absolutley love it. Some Waldorf Schools may be worth a look too.
Best of luck!