I've long espoused what jondubois says above and many people have told me what you say here in response. That might be true but now that I'm in a position to see lots of new hires it doesn't seem to make a difference, at least not for CS grads. We hire a bunch of MIT grads and they seem to have roughly the same distribution of success as all of the other new hires. I'll grant you that this is anecdata but it is the one situation where I have a lot of experience where the connection angle does not exist.