I generally agree with this, but here is a counterpoint regarding graduate studies.

From my first hand experience as a graduate student at MIT, a lot of the research produced at MIT generates a disproportionate amount of buzz - essentially identical work (in terms of quality) produced by a student in a "tier 3" school will not generate the same kind of recognition. The reasons for this lie in the network effects; people read and cite people who they can attest to with less effort and scrutiny.

The points regarding the instructors and student body are definitely valid and should not be ignored.