It sort of is and it isn't. I had a classmate at my state school with a 3.99 (one A-) and a 31 MCAT and she made it off the waitlist at USC in late May/early June. That being said, she received interviews from UC Davis, UCSF, Albert Einstein, Loyola (admitted), and turned down a whole bunch of other ones.
If I were 17 again I'd consider a school that was competitive enough, and gave me an opportunity to really stand out from the crowd. Then again, you can't pass up a place like Harvard, right?