Speaking with my employer cap on, I don’t really care what school the applicant went to. I look at what they have done and what experiences they have. My two best employees came from no-name schools who worked directly with profs on various projects. They had nice CVs when they were done, but the recommendations were glowing – I also met them previously at conferences and I liked them. I believe the Honors’ program would facilitate this interaction. My advice to young scientists and engineers is to find a professor who you like and work/volunteer/whatever to get as much experience with them as you can. That said, I cannot speak for USC’s engineering program as I know nothing about it. There is also something to be said for having the opportunities available in the fields you are interested. If the other schools have 10x the professors in your field of interest you have a much better shot of latching on to someone you like doing the research you like. Look at the faculty lists; google them and read their publication titles (the actual numbers don’t matter, but you want to make sure they are active) and whether their research sounds interesting. Most schools excel in some subfield which may or may not interest you. That said, I know other employers consider very much a school’s reputation.