As a criticism, this article doesn't address the sciences. The availability of research money is a major reason to go to an elite science institution. If you want to do science, the best thing is to do it, and that usually means email a lab and asking to work there. More labs with more money probably means better opportunities.[0]
In the first defense, consider whether there's anything in this article that might also apply outside of elite colleges.
For instance:
But it isn’t just a matter of class. My education taught me to believe that people who didn’t go to an Ivy League or equivalent school weren’t worth talking to, regardless of their class. I was given the unmistakable message that such people were beneath me. We were “the best and the brightest,” as these places love to say, and everyone else was, well, something else: less good, less bright. I learned to give that little nod of understanding, that slightly sympathetic “Oh,” when people told me they went to a less prestigious college.
This resonates so much with what Daniel Ellsberg wrote to a young Henry Kissinger regarding levels of top-secret access:
Then, after you've started reading all this daily intelligence input ... you'll be aware only of the fact that you have it now and most others don't....and that all those other people are fools. ... it will have become very hard for you to learn from anybody who doesn't have these clearances. [1]
Finally, this article absolutely nails many of the patterns I have observed while at elite universities. For instance:
(If I’d gone to Harvard, I would have learned to say “in Boston” when I was asked where I went to school—the Cambridge version of noblesse oblige.) reminds me of when an acquaintence mentioned he was going to law school 'In Palo Alto'.
Or, one night at a party when I overheard a friend (future Rhodes scholar) say 'You know you're at <institution> when you use the term statistical variance at a theatre party!' Never mind that they'd used it incorrectly, it was emblematic to say the least.
[0](Please don't take this comment the wrong way - there are best-in-field professors at less-than-elite universities, but not as consistently). [1]http://www.motherjones.com/kevin-drum/2010/02/daniel-ellsber...