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> My main concern was that their courses are extremely rigorous and thus would consume a huge portion of time, possibly not leaving enough time to work on awesome side projects.

You will have the rest of your life to work on your awesome side projects. Chances are forfeiting your next iphone app to study compiling to continuations will be a more fulfilling accomplishment in the long term.

You will indeed have little time for side projects, socializing, or sleep. Many graduates find it to be worth it, but not all - I sincerely regret the lost opportunity to spend some time exploring my interests without intense pressure, before entering the workforce.

Do you realize how enormously an MIT degree will help you to "adventure" in future? You will be able to take on many more "awesome projects" for the rest of your life if you know you have secure employability to fall back on when things are rough.