When you are considering a PhD it is almost always more important to choose an advisor rather than school name. If you stay within the top 10 or so then people in your field will be aware of that, regardless of whether you choose MIT or UT. It is extremely important, in my opinion, to look at the specific research you are interested in, and where are the advisors that are at the forefront of that field. It may or may not be MIT, Stanford, or Berkeley, but it will be their name that matters most.
Undergraduates are still programed to think in terms of the school name because thats what we were taught in high school. It is a different story when you are applying to grad school. I found that the top 5 schools all have excellent faculty with research that is sort of mutually exclusive. For example, you may find that Prof. X is at the forefront of field A and he is located at Georgia Tech. If you really want to study field A, why would you go to MIT if they do not have somebody successful working in that field? In my field (chemical engineering) I found that the story goes like this. If you want to study A then you go to MIT, if you want to study B then you go to UT, if you want to study C then you go to Stanford, if you want to study D you go to Minnesota, and so on.
Choosing an advisor is the right way to go about choosing a graduate school (PhD).