Having not read the whole thread, just bits, I thought I'd use my [RG] degree course info to interject:
I was taught by a v well-respected economist that education is merely a signalling tool: no one really cares about the content of what you learnt, merely the grades achieved, so that (like Spero above), they can sift through large numbers of seemingly similar people. When bombarded by thousands of graduates who seemingly have similar skills, something is required to differentiate them, and a simple way is via their University.
Anyway, seemed to work for my husband and me: both went to RG Unis, both got Big 4 graduate jobs. He'll soon be a Big 4 partner, I've taken a bit of a career break for the children (I'm working, but PT and not at my full ability or salary bracket).
When I was choosing Universities, I wanted to get into the absolutely best of my abilities. Sadly, Oxbridge was beyond me, but 4 of the 5 universities I applied to are in the RG (although I didn't know that at the time). [Showing my age] When I applied to Uni, Polys were still so-called, and I didn't apply to any, as if I couldn't get into a red brick, I didn't want to go to Uni. This was [cough] 17 years ago, and given this thread, it looks as thoguh things haven't changed that much.