I think it's pretty unfair to address these issues as if they are simply black or white, Columbia.
For instance, let's say hypothetically you REALLY REALLY wanted to go into O&G and your only admit was to UT-Austin with the caveat that funding for your first semester, or first year, may not be guaranteed. Requiring you to pay out of pocket for some period of time. Let's continue this by saying your hypothetical prof has all sorts of connections with the industry.
Would you not accept this offer?
It's easy to say you wouldn't, sure. But I think what's best for each person individually is what's really important.