[/quote] I am apparently the only contrarian in this bunch, as I pointed out earlier that my undergrad at the University of Kansas (KU) was much harder than grad school at MIT. [/quote]
So I couldn't resist replying because my background leaves me uniquely positioned to do so - I went to HS in Kansas and many of my years-long classmates in middle/high school went on to enroll in KU's undergrad honors program while I went to MIT for undergrad. While these high school colleagues of mine were unquestionably bright, it also was true that it wasn't difficult for me to stand out amongst them throughout my secondary school career (and some of these ended up being the 'top' performers at the KU honors program). The undergrad students at MIT, however, (emphasis on undergrad) were at a whole different level. That's not to say that every single student I encountered at MIT was brilliant, but I had never been in 'shock and awe' at someone's abilities before arriving there. Also some of this is major-dependent, and I mingled with undergrads across multiple majors. There are some majors/departments that are less academically rigorous. But as a whole, I stand by my observation/experience that there are a higher percentage of phenoms and PG kids at MIT than at State U. Whether that is a good type of environment for your college bound kid is another question

. And - it is true that my friends who did less well than me in high school but aced the KU honors program did get "better" or more prestigious grad school spots than I did. While initially discouraging to me, those tough years at MIT as an undergrad have made everything following (2 graduate degrees) seem like a piece of cake.
I think ultimately it's very person-dependent as to what works; for me I needed that undergrad environment where I was challenged unlike ever before or since, to develop an actual work ethic and drive, to humble me and allow me to form an identity beyond just academics. For others the shock of going from being "the smartest" at your high school to "average" at MIT can be too much for their psyche and they collapse under the pressure with that loss of identity, and so a university with less intensity/lower percentage of phenoms might be better, where they can stand out and still distinguish themselves, and likely get into an elite graduate school.
I would totally agree that an elite school does give an inside track to job opportunities - tons of recruiters came to campus and focused on those elite schools only. The other advantage I would add (which could also be an advantage of an elite grad school) is the connections made during that time - my husband and I both are from 'modest' backgrounds but were able to mingle and form friendships and rub elbows with people who have accomplished and are accomplishing amazing things, and already have some impressive potential internships set up for our own children

.