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The MIT diploma carries a lot of weight and you make important connections. That is part of what school is about. Is it worth the $$$? Good question, and one that has become harder to answer over the past decade or so.
As for someone who wants to be an engineer, getting a BA degree from a good liberal arts school then getting an MS in engineering will (arguably) set someone up to succeed later in life better than a BS from an engineering school. While some know exactly what they want to do when they "grow up", most don't. And increasingly the reality is that people will change careers, often fairly radically (said the trained chemist who now does digital media and produces films). A BS degree often does not give as much breadth as might be helpful later in life.
But everyone is different and has to find their own path. Just giving my opinion and my experience, both personally and professionally, having done a couple of career changes, and also teaching and advising college students for 5 years as faculty (and then as staff for the past 9 years). There isn't a single answer, but often people think narrow focus is best. I disagree.
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