At first I wanted to write off your post as just typical, cynical slashdotterism. But I re-read it and - well, I realize that you are probably right, particularly in the IT field (it could be argued that if you want to work in academia, school names _do_ matter).
Reading your post carefully, I see you aren't saying that "college is worthless, blah blah blah" but rather that the differences between the universities for undergrad ain't what they used to be. As another commenter here noted (paraphrasing) information has been liberated by the Internet so University isn't the only way to attain subject matter knowledge anymore, closing the gaps between schools.
However, I continue to believe that if a person goes through 4+ years of accredited university experience, learns how to follow directions, learns how to deal with smart people & foolish people, and discovers that they have a passion for something (be it computer science or otherwise) is a person better prepared to be effective in the working world than otherwise. And if that's university's main benefit, then dammit I guess I have to agree that it matters less where you do it.
Grad school is probably a different story but for undergrad & the kind of jobs you will be getting with an undergrad degree - I think you got it right.
To provide a different perspective, I had the incredible good fortune to attend a top-tier university. In my four undergraduate years, I got to program four of the five computers on campus: an IBM 7090, a Burroughs B5000, a DEC PDP-1 and a DEC PDP-6. After leaving the university, I spent the next 40 years working in the computer industry. I doubt I would have been able to do that had I attended a lesser institution with no approachable computers. Today computers are everywhere, but I suspect there is some other technology present at the top-tier universities that will be very important in the future.
Also, I got to know and work with some of the most intelligent people in the world. That experience is very humbling: I used to think I was pretty smart—I learned I wasn't. That's a valuable life lesson.