I felt that when I was deferred from Rice ED. I was recently waitlisted and decided that being upset is not the way to go. You and I obviously weren't meant to go to Rice, although I am sure we both would have done great there. You have no idea how true it is that your education is what you make of it. Lots of accepted students will drop out of Rice next year, and many students who were not will transfer there. For instance, check out this article in WSJ about extremely successful people who didn't get into the colleges they wanted: When Success Follows the College Rejection Letter - WSJ.com
The only thing you truly lose by not going to a school with an extremely prestigious name is the instant unfounded respect you may get from strangers. If you truly wish, you can do well in your first year of college, show them that you are good at it, and transfer wherever you want. Good luck and don't fret.