I've made this argument before, because as far as I can tell....it's true. I got my ph.d. in chemistry from Caltech (and of course we all know Caltech is superior to MIT
). Anywho, I now run a new media research center, and as of the first of the year will be transitioning to a research position, probably working on a disaster preparedness simulation/game. I've consulted for the CIA on terrorist issues, been a university webmaster, and who know what my next career will be. Disney was pretty hot-to-trot for me to be an ED of technology for BuenaVista TV.
Obviously this stuff had nothing to do with my graduate education, right? I mean, how does learning chemistry teach you to do all this other stuff? Well, to me it is clear/easy. I learned how to understand data, synthesize knowledge, and solve problems. At a certain level, the vehicle you use (in my case chemistry) becomes almost irrelevant.
The great schools give you the skills to solve problems, not be a fact-spitting drone.