Let me try explaining the Unique Selling Proposition a different way.
It was probably around 20 years ago, when my career trajectory changed from engineering to business matters that I read a famous (at that time) marketing book called The Discipline of Market Leaders. I will use that framework to describe why I think this approach is important.
IIRC, the key points were that a company could be successful in one of three ways: 1) Lowest price, 2) Highest Quality, or 3) Differentiated consumer experience. Examples of successful companies in each category are Wal-Mart, Mercedes, and Apple. The key thing to understand is that a company doesn’t need to win every potential customer, or even a majority of them, in order to successful. You just need to understand the best approach for your company in order to win more than your fair share.
Let’s now consider each of these categories in terms of UChicago competing for elite high school students:
Lowest Cost: HYPSM, due to their large endowments, can meet or beat any need-based award given by UChicago. However, since HYPSM do not offer merit scholarships, UChicago can win over some students. But UChicago seems less interested in competing using merit than in the past.
Highest Quality: H, S, and M win in the overall Highest Quality category, with honorable mentions to Y and P. Prestige-focused student will choose one of these over UChicago almost every time in the same way that people will choose a Mercedes over an Infiniti. And if the students are indifferent to what UChicago has to offer, this is the right decision for them.
Differentiated Customer Experience: UChicago has a number of things that are on offer here (I exclude MIT here because IMO the potential student bodies barely intersect):
• City Life: Many kids want to live in cities, an advantage over SYP. Princeton was immediately off D’s list for this reason. However, Columbia probably offers a better big-city experience than UChicago.
• Rigorous Intellectual Experience: Exemplified by the “Where fun goes to die” motto, although Princeton and Columbia again come close in terms of having a rigorous program. @JHS would probably also include Yale, but my nephew disagreed saying at Yale “It is hard to get an A, but harder to get a C.”
• Open Intellectual Discourse: This commitment is basically unique among elite colleges, and for students where this matters, UChicago can win them every time.
So yes, @exacademic, UChicago may lose some very bright students due to pushing Open Intellectual Discourse, but I believe they will gain far more than they lose. And the students that dislike this have plenty of other good options.