One of the most interesting things I heard in my first day at orientation at Carnegie Mellon was CMU's president talking about all the students they rejected- xx perfect SAT scores, xxx students with a 4.0, xx valedictorians, etc. In other words, CMU's perspective is that someone purely interested in academics (and nothing else) isn't as strong of an asset. I think it made for a more fulfilling academic atmosphere for the entire student body.
What this means is that at Caltech, there are no dumb jocks, dumb legacies, or dumb affirmative action students.
I kind of think that's weird too (besides the offensive nature of those words). Carnegie Mellon has a reputation for being an absurdly nerdy school, but along with Computer Science it also top business schools, drama schools, and art schools. That is a weird-ass cross section of human. There's plenty of areas that CMU may lack compared to other top schools, but I think having a broad, diverse student body is one of its strongest assets.
That said, I'm trying not to translate much to Caltech itself from this article since this cat sounds kind of crazy.