Ivy League

This post is inspired by one of my previous questions regarding "good schools" -- A few people replied that they went to good schools, & followed up with the specification that the school was not an Ivy League.

1. What is your impression of Ivy League schools?  Are they really the better than the rest?
2. Do you know what the Ivies were founded on?  Does this change your opinion?
3. Do you find that graduates of Ivy Leagues are more arrogant than most people?
4. Do you find that graduates of Ivy Leagues are actually smarter than most people?
5. If you were accepted to an Ivy & you could afford it, would you go?  Which school would your first choice be & why?

Bonus: What would you add to this list?