A well-rounded class at an elite school is usually made up of students who may be more “pointed” in their talents and also those who are well-rounded. Specific talents and class dynamics may be sought after depending on institutional needs. An obvious example would be Michigan recruiting amazing players for the football team who may not necessarily have the best academic qualifications, especially compared to the rest of their peers at Michigan (although I am sure they often do). These players are usually “pointed” or “focused” in their talent.
A well-rounded student is a student who is like a “jack of all trades”.