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This was a great thread because its completley true that a rejection letter, is in the end our judgement on what we've worked on during our highschool life. We are told all the time how good we are but an acceptance letter is higher than any other accomplishment and especially one form a good/great college.
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But the despair you sense on boards like this is often fanned by the postings of ill-informed kids who are fixated on brand names because they have little or no idea how life really works. They seem to think that if they somehow get accepted to Harvard or Stanford or some other high-prestige school that their troubles will all be over, that they will be on a golden path the rest of their life -- guaranteed. Just walk thru the door marked "best" and then after that everything falls into place. They sneer at those going to a top-20 or top-50 school, because it is so "obviously" inferior to a top-5 school. And those at a top 100 -- well, they can feel only sympathy for them.