^ For the most part you are right, but in an equal job opportunity, Ivy scholars always win.
Yes and no i think. You have a better chance of being interviewed by a penn state grad than most schools actually. 1 in 150 engineers came out of psu...which is actually pretty impressive
We're forgetting that education is not the only merit that is calculated in the value of a school. Removing the context of your degree, and you have an awesome rationale to work for the lowest common denominator for your degree. Reapply the context and the value of the degree from said university will change dramatically.
I understand what you are saying (kinda). There are other factors that play into it such as different programs, intership availability (both of which Columbia is great for), and general hands-on experience you would get during your study. But I guess it all just comes down to what's the best fit for you and I don't really like the heterogeniousity of the Ivy League crowd