Agreed, Bostonian-- but the larger difference is that everyone around you at Harvard also possesses high SAT/ACT scores and a similarly illustrious academic resume. That won't be true at the state flagship.
(DD has noted this fact already, btw-- unprompted.)
In that respect, then, yes-- I would argue that this could represent a "premium" environment in which to obtain a fine education.
Faculty at such institutions will similarly represent the very best of the best, in theory at least. Of course, I'd also argue that at the post-secondary level a lot more than "being an expert in my field" goes into truly excellent education, and that such a concept is inherently rather idiosyncratic relative to the learner in any event. No one professor is "The Best Ever" for all students. Of course, Premium College Education does avoid having most coursework taught by adjuncts.
Honestly-- that is where I'd encourage parents and prospective students alike to look hardest when choosing colleges. Look past the lazy river and climbing wall-- to what percentage of undergraduate courses are taught by adjunct faculty.
Has it changed dramatically? Is it going to? Or are faculty at the institution actually doing scholarly work AND spending time with undergraduates? Who does advising?
All of that matters a great deal, and tells you far, far more about the pragmatic and up-to-date mission of the institution than any shiny slogan on a brochure ever will.
I have to agree with Val-- there has been a large scale shift in priorities in higher ed into seeing students as customers, and frankly, the students don't really KNOW enough going into post-secondary education to understand that a climbing wall isn't as crucial as, say, a professional, caring and full-time professor to serve as an advisor who understands the various ways of achieving a genuine education in {insert interest area here}.
It is very upside-down, this new world, and it starts with College Admissions Frenzy.
