RE: You can pay a lot less than that at an Ivy.
If you get aid yes. Are you saying that most of those accepted at the Ivies get aid?
No.
If you can get in, which is the hardest part, the well endowed Ivies may be able to offer you an education equal to or cheaper than that from state or other private schools.
My point is, if we refer to the ROI chart from earlier in which 5 of the top 10 are Ivies (even based on their official tuiton costs), if one had a child competent enough to be accepted why would you not consider a school with a better ROI?
I have dealt with students who where recruited by schools for various talents. It seemed to me that when FAFSA and finanacial statements were considered all colleges ended up costing about the same.
I'm not saying that the Ivies are the best possible world or offer the best education. Rather, I think for some students an Ivy may an offer excellent value. I also feel that Ivies take care of their students very well. The networking potential, once you graduate, is also well developed amongst Ivy grads.
I agree more with posters above who say as cheap a bachelors as possible and shoot for a good grad school for your major. I also think the importance of college in the US has more to do with employers looking for a college degrees as prerquisites on resumes than it does with any real learning for most students.
That said, I wouldn't dismiss an Ivy out of hand because of perceived costs if I had a child capable enough of being accepted.