All spot on, except for this: "Finally, it's a little bit of the product of the admissions department. Many people are admitted based on extracurriculars which

All spot on, except for this: "Finally, it's a little bit of the product of the admissions department. Many people are admitted based on extracurriculars which look good on paper, but neither stretch one's abilities, nor are particularly novel (if they were, they'd be hard for admissions to understand), nor are particularly technical." This is true of every high-end school, and is not especially pronounced at Princeton. The biggest issue is the first one you pointed out, wall st. and the consulting companies snap up all the talent.