By college, I think it's less important to be surrounded by brilliant people and more important to be surrounded by people who want to learn.
This is why I liked Oxy - my classmates wanted to learn, were bright, and not pretentious. I was told that economic snobbery exists there, but I didn't see it. Perhaps I was oblivious. I was paying my own way and more focused on getting my money's worth.
IMHO, if you want to run for president, then you'd better be at an Ivy! :p If not, then find a place that suits your interests and personality. Ignore the hype.
In my own experience, I saw a similar privileged attitude among many of my fellow students at the expensive SPLA school I attended for my undergrad years. It's just a theory, but I suspect that at most universities, the price tag is inversely proportional to the attitude...
There's definitely ego and a sense of entitlement where I go to school now. I wonder if that's law school in general. Shrug. I don't have time to associate with fellow classmates that rub me the wrong way. Besides, snobbery makes me wrinkle my nose in displeasure.