The admissions people say they reject excellent-but-bland applications, but perhaps it's a matter of degree.

I think by "bland" they just mean that they reject people who don't have enough of the conforming resume-building activities that they expect :)

There's a school of thought in the UK that feels institutions like this reject applications from applicants who's family don't have deep pockets.

Similarly, there's the perception that Eton is capable of producing well-educated idiots.

Understand me here - this isn't my view. Just saying it's a view that's out there.

I'm not sure Eton is really applicable here, since the income of your parents matters a whole lot more than the application process (and Eton suffer for it in the league tables) — and whilst you may argue that Ivy League schools do just that, I doubt it's quite to the same extent.

Bear in mind that the ivy leagues get to grade their own students whereas the etonians sit national exams...

Yes... so instead they accept people who superficially differentiate themselves and pretend to be non-conformists which then becomes another "admission strategy."