Yes and no. It's been 10 years since I graduated, but I doubt much has changed. The curriculum is rigorous, the students are smart, and people are serious about learning. But nevertheless, going to MIT does signal something much stronger than the vast majority of other schools, and MIT students are highly aware of that, as is the institution itself.
MIT may not signal the same thing that an Ivy does, but it certainly signals something, and the faculty, staff, students, and graduates are certainly aware of and use that.
