AN ACR LGT ON APCH TO ORD HAD TO USE THE IAP LOC DME APCH TO RWY 27R SINCE THE GS WAS OTS. CREW HAD TO COMPLETE THE APCH TO A LNDG USING A DESTABILIZED APCH SINCE THEY WERE HIGH AT THE VISUAL DSCNT POINT. PIC COMPLAINED OF AN ATIS BROADCAST PROB OF INACCURATE WX RPTING.

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ATIS FOR ORD GIVING 2 MI; MIST; 14 BROKEN 20 OVCST. ASSIGNED LOC APCH RWY 27R; GS OTS. AT EBENS; DSNDED 4000 FT TO 2200 FT. AT TAFFS; DSNDED TO 1100 FT MSL (OUR LOC ONLY MINIMUMS). JUST PRIOR TO VDP TIME; SAW RWY 27R APCH LIGHTS CLOSE BELOW. DSNDED USING 40 DEGS FLAPS AND ACTIVATED GPWS 'SINK RATE' WARNING AND WAS NOT STABILIZED AT 500 FT AGL. HOWEVER; SAW RWY AND LANDED IN TOUCHDOWN ZONE ACHIEVING TURNOFF AT REVERSE HIGH SPD 'R.' THE ACTUAL CEILING WAS A RAGGED 400 FT AGL. THE ATIS WAS WAY OFF; AND CONTRIBUTED IN THAT AN APPROPRIATE SENSE OF URGENCY IN DSNDING TO MDA WAS NOT CREATED. FO WAS A 20 YR VETERAN OF ANOTHER AIRLINE AND HAD ABOUT 9 YRS WITH THIS COMPANY. HE WAS FLYING HIS LAST LINE FLT BEFORE AGE 60. HE WAS AN EXCELLENT PLT; AN OLD PRO. I DIDN'T IMMEDIATELY NOTICE HIS CHOSEN DSCNT RATE FROM TAFFS TO MDA; BUT HE USED 700 FPM; NOT 1200 FPM AS WOULD BE NORMAL. COMPOUNDING THIS WAS ATC'S REQUEST FOR 170 KTS TO TAFFS. WITH A XWIND INSTEAD OF A HEADWIND; THE INGREDIENTS FOR BEING HIGH WERE IN PLACE. ADD THE VERY LARGE GAP BTWN RPTED AND ACTUAL CEILING AND YOU HAVE THIS RESULT. WHEN WE BOTH SAW THE RWY; WE AGREED IT WAS SALVAGEABLE BUT IT TOOK AN UNSTABILIZED APCH TO DO THIS. I WAS VERY RELUCTANT TO ADD THE FUEL BURN OF A GAR AND SECOND APCH TO AN ALREADY SIGNIFICANT OVERBURN FROM THE VECTORING FOR THE FIRST APCH.