Eh, I never feel excluded when a job ad says "Ivy League" (I went to a top liberal-arts college). If I like the company, I'll just apply anyway. Most job ads are more like guidelines, anyway.
I sometimes have similar reservations about companies that list arbitrary experience requirements too, especially when they're clearly just going off some industry norm. That's just me tho. YMMV.
But I try to give them the benefit of the doubt on the initial job application. They have to put something down, and as spez pointed out on the Reddit thread, it's an easy way of disqualifying people who like to complain instead of do something about it. It's an unfortunate filter that probably turns off a few well-qualified candidates, but nobody's perfect.
What college did you go to?
Also, I use the degree requirement as a filtering mechanism on the jobs themselves. I figure I don't want to work for anyone who cares more about titles and appearances than ability, so if that's a disqualification, I don't want to work there anyway.
There are plenty of startups around - more than there are skilled developers, actually. And if you are a skilled developer, you can always start your own.