It depends.
Are you going into Clinical Psychology to please yourself or to please others? If you are doing it to please yourself then how important is vanity to you?
Are you going into private practice or do you want to work in public settings?
If you are not a good student, then it won't matter which program you go into; you won't get enough out of either to excel. Likewise, if you are a great student it won't matter which program you attend either, because you will make up for the program's quality with incite, focus, and extra-work. The only reason it could matter is vanity related IMO.
It really comes down to vanity more than anything else, and the fruits of vanity (a famous POI, leading to a famous placement, leading to prestigious appointments, etc.). In private practice, you will rarely find anyone asking where you went to school, let alone what the program was like. Likewise, most job interviewers are more interested in your last job than your school after you have been in the workplace for awhile (most being the key term here...). So the program may give you a push in the right direction, but ultimately you still have to float on your own after that initial push. At the same time, there are people who did just fine without the push because they were guided into important positions by their passion for their area of interest. Being the "right person," at the "right place," at the "right time," can sometimes be just as important as "who you know."
That being said, you can't be the right person, at the right place, at the right time without background experience in your CV. 😉
You will always come up against pompous elitists in any field you pursue, so you have to consider how much you care about what other people think. If it is a big issue, then perhaps that is something to explore about yourself. Likewise, if someone is being pompous and elitist, you have to ask yourself why that person chose a field of study that is antithetical to their personality. 😛
That's just my .02 cents worth...