An issue being mentioned here, here and here (for starters).
I would say that ordination is primarily a separation sideways - baptism is the separation vertically.
I would also say that there is such a thing as the grace of holy orders. Have I been enabled to be a different person since being ordained? Surely.
Ordination does not elevate a person in any sort of moral or 'righteousness' sense; there is no spiritual superiority conferred. Yet there is an authority conferred.
Within the body of Christ, these are given responsibility for exercising judgement, for speaking the yay and the nay.
This is not trivial.
I sometimes think that those most concerned to deny any reality to ordination - whether called 'ontological' or not - are like Oedipus, stabbing out his eyes, because he cannot bear to see.
I wouldn't want to push that image too far :)
My views on the related issue of lay presidency can be found here.