Any time I'm in the Valley, people recognize the ring and ask if I went to Waterloo. Funny thing is that I did, but I usually try to explain to them that all Canadian engineering graduates wear it, not just Waterloo.
I was even in Italy with my then-girlfriend-now-fiancee, and I had someone strike up a conversation with me because of the ring; they realized that we were likely Canadian, and started telling us about their son.
The Iron Ring really does establish a type of brother/sister-hood amongst us Canadian engineers. It's a nice feeling.