IMHO, going to a well-known school and knowing a lot of people who didn't, I'd say the main difference (ignoring academia since I don't know much about it) is how companies perceive you. Our job fairs are insane, even given the economy. All the major CS companies come out and recruit in full force. Given a huge pool of people equally qualified to do your job, the name does help you stand out. And when a company has to cut back on recruiting efforts, they're going to cut the lesser-known schools and leave the big kahunas.