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I think the real question is whether they have better prospects given their level of ability and that's harder to assess.
True, though I think the real question is "better by how much" :-) If, given the ability, the top schools provide no better prospects, then (a) The common advice of "go to the best school which accepts you" is misguided and (2) the top schools have been running a marvelously successful con for decades and even centuries.