I do know a little bit about gradschool admisions in computer science and you're right, there's a lot more faculty involvement but I know nothing about more popular programs like the MBA. So I should have phrased my question better. What I meant to ask was whether in popular graduate programs such as the MBA, factors such as being the kid of a potential donor or a politician carry equally high weightage as they do in undergraduate admissions.
Based, anecdotally, on George Bush having gone to Yale, it would seem that they do.