Hmmm I don't know. I think there is a notable difference in the "average" student at Harvard or Princeton v. the "average student at Maryland and Illinois.
From an employer standpoint, I think the Ivies (and Ivy+ of Stanford, MIT, Duke, Chicago) provided a rubber stamp of pre-qualification for a job offer. You know these kids were well-vetted to get into their school and they spent 4 years in an academically-pressured environment. They would likely be up to the task for an entry level banking, consulting, engineering, etc job. The active alumni network would make them valuable employees from a business dev standpoint as well.
My son is currently a junior at Delbarton with a 36 out of 36 on his ACT and will be taking 6 AP classes between his Jr and Sr years. He plays football and was elected class president (yes I'm bragging). His counselor told him he need to look at some of these secondary schools because the competitiveness at the Ivies is at an all-time high.
I'd be extremely happy if he ended up at a UVA, Northwestern, Duke.