Just buzzed through the 08 board, and I don't see a single person that was accepted at Harvard or Stanford yet flat out dinged anywhere else(though did see WLs). I'm sure they exist, if you have a link to any profiles (here or wherever) of someone who was, I'd be curious to see it.
You make some good points about Michigan, but what about Tuck then? 51% yield rate, also in the freezing cold like Michigan, I think a lot of their students also are a very self-selecting group. But 1 big difference- MIT and HBS are in the same metro area.