There are flaws here. I doubt these big ego dentists in a forum who have the big school complex will admit that school does not matter. Also, predents are a more indicative group of the general population since we see it from the perspective of a "patient" and not as a "dental provider" who more times than not have tunnel vision.
Ok well if we look at things through the eyes of a patient or consumer... i can think of at least 4 big things that patients care about more than the school name.
1. Location - Ever here the phrase in business "location, location, location"!!! Well guess what... it's true. If it is convenient and close to home, patients will go there. People are not going to drive 45 minutes away just to see a dentist that went to a "better" school.
2. Reputation - When people ask about your dentist they don't say "what school did he/she go to?" They actually ask questions like "How do you like him/her?" or "Do they do good work?" People want a dentist they can know and trust. The reputation for quality of work in the community far outweighs where they went to school.
3. Personality - People will keep coming to you if they like you. People will tell their friends about you if they like you. Patients will never leave if they like you. One of the first rules of sales... people buy from whom they like... not where they went to school.
4. Friendliness of Office Staff - If your office has a reputation for being friendly and helpful, guess what people like that. Going to the dentist is nerve racking enough for most people, so a friendly office staff makes people feel comfortable... not a diploma on the wall from the Ivy league.
All these things are much more important than the "name" of the school. That is why a ****ty dentist from Podunk University can be a millionaire, if he has the right business skills. Hell this list could go on and on. I would even say that patients would prefer a dentist who gives better shots of lido, has TVs in the office, is next to their favorite restaurant, supports the community... blah blah blah... all this is probably more important to patients then name of school.
Also, in 2009 there were 4873 dental grads. However, if we add up all the seats of the "good" schools (Penn, Harvard, Columbia, and i will even toss in UCLA) we only have 316 grads. That only amounts to 6% of all dental grads. Which means that the vast majority of cities in the US probably wont even have access to a brand name dentist. Especially considering that 3 of those schools are in the new england area and many grads will end up practicing locally. Furthermore, i would venture to say that at least 1/3 of these dentists will end up in specialties or academics/research and never make it as a GP. Which brings the number even lower.
So we can see that between geographic distribution and location of brand name dentists, the people that "might" actually care is only a small fraction of the population of the US. Simply because of availability to a brand name dentist isn't even a viable option.
The only other schools that might have some brand credibility are NYU for the northeast and maybe USC for the west coast. Even schools like UCSF or UOP, which are well known for quality programs, patients have never even heard of.
Lastly, I have shadowed about 8 different dentists/specialists and i have asked each of them how often their school comes up.... they have all responded with only a handful of times in their entire career. Because nobody wants to be the douchebag that is name dropping their school. In the end, dentistry is a business and business is all about marketing, relationships, and about 100 other things besides the name on your diploma.
But hey, if it helps you fall asleep at night... then keep thinking the name on your degree will make a difference.