I'm certainly not one to make fun of someone for being educated. However, in my personal experience, I don't notice anything special about those who went to Ivy League schools.
I went to Baylor Law School, which is certainly reputable in Texas. However, a Stanford, Harvard, or Yale Law grad would make fun of a Baylor Law grad. On occasion I dealt with graduates of these schools, and most of the time, they were not especially sharp or competent. They often were unprepared in the courtroom and had a weak grasp of the rules of procedure and evidence. In fact, I knew a few graduates of Texas Southern (which can barely hold its accreditation each year) that were better lawyers and smarter than some these arrogant choads from Harvard.
The bottom line is that we're as smart as we want to be. Going to an Ivy League school won't make you smart if you're undisciplined and lazy. Furthermore, going to a relatively crappy school won't make you dumb if you're dedicated and work hard.
I know the Ivy League schools turn out some brilliant folks. However, I think those folks are brilliant because of their work ethic and dedication, not because of where they went to school. I think you could put them at a mediocre public university, and they'd do just as well.