I have undergraduate degrees from both a general state university an extremely prestigious uni (not Ivy League because it's in Europe, but at the same level).

I actually didn't think there was any difference in the quality of the teaching or learning experience between the Schools. Sure, there are a lot of "big name" academics at the Ivies -- my school constantly brags about its bigshot graduates and Nobel laureate staff -- but you never get to see them (never mind learn from them) as a lowly student.

The students at the less prestigious university were actually a lot more fun to be around, as a rule, because there is this weird sense of entitlement that goes with going to an Ivy (or whatever). Also, the students tend to be fantastically rich and it can get very difficult to socialise with them when you don't have the money they do -- your social activities will inherently be different from theirs. Not to mention they play bizarre, posh sports that we plebs have no understanding of -- I will never understand cricket or bowls no matter how many degrees I get

I think the only advantage was that the prestigious uni gave be a big brand to splash across my CV, which is important for the career I want. Honestly, in some careers (namely law and banking/finance, possibly others in areas I'm less familiar with) an Ivy League degree will set you up very well, in others it matters less. Also, the admissions process is extremely competitive, with often hundreds of equally qualified applicants for every place -- so don't beat yourself up if you don't get in. My former tutor was also the admissions tutor, and he told me often that they fill many student positions almost by choosing at random.