Yeah, no. I've worked all over the world with top UK (Cambridge/Oxford Universities) and US graduates (Harvard etc). Other than getting the foot in the doors, these degrees cease to mean anything after a few years. It is how you do in the job - after a few years, no-one cares where you went to school as a kid. A lot of surprisingly bad performers I've worked with have come from these 'elite' schools; conversely, surprisingly good ones from much lower ranked schools in the US and the UK. You'd be surprised. Maybe a lot of people are just late bloomers, but perhaps the selection criteria to do well in a job and being good at taking exams don't necessarily translate. It takes more than book smarts [and - I should also add - those 200+ extra points added to your SAT because your grandparents came from a minority background don't count anymore when you're on a level playing field...ahum...also meaning a lot of smart white and asian kids are going to the 'less elite' universities; also very likely meaning the difference between the 'elite' and 'less elite' is probably a lot narrower than most people think]. To do well in a job is a very different thing: in corporate law, for example, you need to be smart commercially and be able to sell, along with having an excellent grasp of subtleties in language; in engineering and the sciences, you need that (crucial) creative streak, along with being able to write and promote yourself well. These 'top' degrees definitely aren't any sort of guarantee of being successful in a career.
The snobbery about it is quite amazing. If the kid is smart and good enough, then going to NAU, NC State, whatever...it won't make a difference long term.