Am I correct in inferring that this is a purely theoretical discussion?
For a start, MIT is a very distinct culture and it really doesn’t suit everybody.
The relative pros and cons of super-elites are largely in the overall package than in the specific programs. Yale, for example, does not stand out for any of the engineering disciplines,but if your goal is general-public prestige, you will prefer it to (say) JHU or GaTech, both of whose bioeng programs lap Yale. If you plan to actually go into bioeng (v, say, IB), your potential colleagues and employers will see those programs as more prestigious than Yale. It all depends who you are trying to impress.