Being a top university with grads in high demand, it's actually amazing that Waterloo grads haven't gotten a reputation for being more arrogant. I know I was at one point in my life.
You don't have to have a certain surname to get into Waterloo. You'd be much better off just scoring well on the Fermat Contest. When nobody gives a shit what you have, and it's what you do that gets you places, you tend to be more modest. We have a long list of financial tools to make school happen for students that have the talent and will to go. We also have a fairly strong set of public school systems that get students to university's door. Again, these schools are accessible.
One of the sadder things about Google's founder success is that more parents want to emulate this success for their kids by keeping them away from Canada's otherwise pretty good public school system. It will quickly deteriorate if more parents pick up on this trend to send their kids to private or Montessori schools.
Well put. UBC grad here, living and working in the valley now but if I ever wanted to raise a family I would think strongly about moving back to Canada purely for the great accessibility to quality public education.