Haven't seen any business school professors chime in yet, so as one I'll do so: Increasingly, what "elite" undergraduate schools offer at the graduate level is less valuable than what research universities offer. The best professors are sequestered in individual labs or in large research universities, not in schools valued for ratings that are focused on undergraduates. The best educations are provided by people who understand learning and make themselves available to assist in the process - nothing about Harvard, Wharton, Tuck, etc. is better suited than University of California, University of Texas, NYU, many other state universities to perform those tasks. Furthermore, and it might deserve an entirely separate post, but many of the best professors in business are being bought up by Asian business schools. I think the net result is the American business school experience is both more valuable in terms of the topics covered and less valuable in terms of the educational experience than it once was.