Gibbson,
You make some good points. But the fact that some kids get more than they deserve and some kids get less is kind of beside the point. We all know life is not fair. Colleges and medschools do what they can to level the playing field by need-blind admissions, scholarships, affirmative action, etc. Medschool adcoms cannot make up for all of life's unfairnesses. They simply have to make the best decisions they can about who will make it through medschool and become decent physicians based on the information available to them. The undergrad institution is just one piece of information.
FYI, I went to an elite school, and my brother, who had all the same advantages (including being a legacy), which advantages, btw, did not include private schooling, did not get in. For most, if not all, of the top schools, a quite large proportion of the students are on financial aid, and are not the kind of "born to privilege" people you describe. I would venture to guess people like you make up a fairly small percentage. That's definitely the way it was at Stanford. Maybe I'm naive, and Harvard is a special case. But I have a friend from here who went there, and neither she nor any of her roommates there were born with silver spoons in their mouths.
It's laudable of you to be so concerned about the underprivileged, but I don't think medschool admissions is the proper place to be adressing the problem. I think fixing the public schools in this country is the place to start. Then maybe we could do something about the correlation between family income and SAT scores.
Oh, and welcome to SDN!! 🙂