I have no idea if the relative quality of today's Caltech freshman body is better or the same as in my day.
I flipped through an SAT vocabulary builder book the other day. I knew nearly all the words in it already. Vocabulary is something that happens organically, by reading a lot and looking into complex things. I suspect that memorizing word lists builds a fake vocabulary. Some people have told me they recognize when someone sprinkles their language with the daily word they memorized. It comes off as pretension, not education.
I suspect that if SAT training involves learning fake knowledge and test taking tricks, anyone who gets into Caltech via that method is going to find they're in the wrong place. Students there like to sit in the halls and talk about ways to build a warp drive. Students who don't belong will be watching the game on TV.
One of my good friends there had an apartment off campus. He'd regularly make his special chicken wings and invite all comers (this was not to be missed). The apartment manager would come, too, and he'd just quietly sit off in a corner by himself, munching on chicken wings.
I asked him once why he was there - he didn't participate, and he was way way older. He replied, "oh, this is incredibly fun. I've never ever heard people talk like this before. I just like to listen."