It is astonishing. The old model of "this school is better than that school" is gone. Out the window. Sure Stanford is better than Memphis at everything, but if you don't think USF, UCF, Cinci and others are better than a mediocre liberal arts schools like Villanova at many things, then you aren't paying attention.
Employers know who puts out good grads in Physics, Math, Chemistry, Accounting, every engineering field etc. And in many cases it is not the "name" schools that you think it is.
Wichita State is no academic powerhouse, but if you want to be an Aerospace engineer it's better than most. And the people at Boeing know it. University of Alabama Birmingham, can't be any good right? Except the Med school is excellent.
New Englanders over-emphasize liberal arts (which is being de-emphasized by employers and students) and perceived "prestige". There is good reason, we are loaded with very good small liberal arts schools, and have very few strong graduate research and science focused schools (with a few obvious exceptions like MIT).