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When people ask I've just told them I'm going to go to MIT... hasn't really caused any drama. Some don't know what it is and ask if it's in the city (meaning NYC... and no, that's FIT), others give the "neat, congrats!" reaction I would have gotten if I said I was going anywhere else, and a few do know about MIT. The latter group's reactions have included a surprising number of "yeah, my friend/relative goes/went there" responses.
I live in an area where it's not unheard of to go to a top-tier school but 99.5% of students don't, so you'd think people might make a big deal of it... but nope, no M-bomb here so far.
And yeah, I think the Harvard name carries a lot more baggage with it... people generally just know that MIT's a good school and, as far as I've seen, don't have any strong preconceptions about its students.
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