Well, i did not at all mean to say that you should not apply to the ultra-elites nor should you turn down an offer from them in choosing a lower-ranked school.

.. but the whole point is to think before you apply. I am very serious in saying that there is no point in appin to Columbia in my case coz there is no option for pursuing my desired courses there!!. However good it maybe for consulting and IB etc.. if it does not offer me what i want, then I will not apply. That does not mean i've completely excluded the ultra-elites..still've MIT on my list..
The point here is that we must know our own strengths and weaknesses and align it with the school's before applying. It is very tempting for everyone to apply to all of the ultra-elite schools. Take the typical IT indian case, most of 'em who apply to top10 are 4-6yrs IT, 730+gmat, decent acads, some communtiy service (dance group,tutorin..cumon..

). Give the schools a break, sure they want to have diversity, but they cant admit 50 students from India with the same profile in a class of 150, een though all if them are equally qualified. So, based on some subtelities( which only the adcoms know

).. some of them get admits and some of them get dinged.
Coming to the original discussion of applying to under-15 schools, there is no problem as long as the applicant is convinced that he/she can get what she wanted out of the school and make a successful career. There've been lotsa famous people who've graduated from under-15 schools. It's just that the number is more in case of the ultra-elites.
Generally speaking, (though i dunno if this is true), applicants with lots of work-exp are advised to app higher in the rankings to get maximum outta their MBA program. Well, it all boils down to your choices in the end, its your take and if you're destined for an ultra-elite, you'll be there else there are lots of other excellent opportunities which will await you.