It depends on what you want to do (Score 1)

Do you have any interest in going to graduate
school? Is there some research area of computer
science that you really like?

If the answer to both is no, then, like others
have said the school you go to is not likely to make a big
difference. For people with an undergraduate
degree experience is far more important than the school.

When I interview candidates that only have
a bachelors degree I am more interested
in finding out if they have a solid grasp of
some of the important areas of Computer Science:
complexity theory, and data structures. And I
usually concentrate more on recent work.

But if you have any interest in exploring
research areas of computer science or you want
to get a Masters or PhD - then the school you
go to could matter a lot.

I have no data to back up this claim but I guess
that most of the professors at the second and
third tier schools are not really contributing
much to the current state of the art. For
example if you wanted to look at advanced topics
in computer networking or operating systems
or optimizing compilers you really should go to
a school where the professors are defining the
leading edge in those areas.

I think it also matters what kind of work you
ultimately want - in the industry I work in
(Electronic Design Automation - basically
software that helps engineers build chips) I
have found that more often than not
the senior technical people for most products
have PhD's closely related to the key technology
areas for their product.