The reputations of these Ivy League schools are really based on their graduate programs -- Harvard and Yale for law, Cornell for medicine, the University of Pennsylvania for business, etc. And for some disciplines the Ivy League schools aren't even the best in the country at any level ... like engineering, for example, where schools like MIT, Stanford, Carnegie Mellon and Georgia Tech have better reputations than any of the Ivies.
Interesting points. Thanks, AC!