Top50 doesn't mean much, Getting into a top50 (depending on the school) isn't too much harder than getting into an unranked state school. While doing research at a top 5 is cool, you DO NOT attend, nor did you earn your place to attend. I see internships at Cal Tech all the time, if I applied and researched there, does that mean I attended or took classes with the highest SAT scoring students in the nation?, would I be in a position to compare myself academically? No.
You're wrong, for the most part, they did attract amazing students, did they continue to be amazing once in college? I don't know, but they were nothing short of extraodinary in high school, and that DOES deserve some credit. You need to go to collegeconfidential and look at the profiles of students who get into top10-top15 schools/IVY league schools, hell, even USC rejects people with 2200 + SAT's all the time.