I think we need to separate out the term "old boys" from "network." One of the most valuable things you get from going to a top school, whether MIT, Ivy League, or otherwise - is exposure to a network. They're not necessarily the "old boys" you guys are picturing, with money and power and political connections, but the folks who are starting companies, doing the most cutting-edge research... if you go to a school like MIT, you're surrounded by people like this - and you'll be able to reach out to these people for the rest of your life. And this can be very useful... when you're looking for a cofounder, or a guest speaker in a specific field to talk to a group of students, or you want someone to pass on your resume at company X, for example. If you go to a lower tier school, no matter how smart and motivated you are, it will be much harder to forge the same kind of network.