As someone who went both to a top school and a very average school, I do have a problem with it. If you've not been to an average school, you may be surprised at how many bright and motivated students there are.[1] And if you've not been to a top school, you may be surprised at how average most of the students are.
I don't know if this generalizes, but it was my observation: Top school students tended to be a bit less honest (soft cheating, etc). At least where I was, it appeared to be clearly tied to the competitiveness needed to get in and get top grades.
[1] My grad school group-mate, who had only been at top schools, once went for an internship in a national lab. He was shaken at the fact that another intern from the University of Alabama-Huntsville was as capable/smart as he was. I saw this often in top school students, where they just assume that if they're doing well in school, that they are somehow better educated than the rest of the country.