Thanks for your comments, guys. This is the kind of response I was hoping to get. Just to answer a few questions:
riverripper: While I agree that going to a big-name school and/or making connections with VCs doesn't guarantee me any VC money, I don't think that having a great idea automatically leads to big-money (I am sure you didn't intend to say this anyway). The connections with the VCs, the art of creating business-plans, the evolution of the idea/business-plan through discussions with experienced VCs are equally important. That is why I want to ensure that the school that I go to lets me connect with VCs very well. Look at this blog of an MIT Sloan student, and you'll see what I am saying:
https://mitsloanblog.typepad.com/inaki/
aurobindo/prasad and others: First of all, technical background and "nerdiness" are different things (Is "nerdiness" a word, BTW?). When I said that 50% of people at MIT Sloan come from a technical background, I was only correcting xerox's statement. Now, what is wrong with nerdiness anyway? Perhaps our definitions of the word "nerd" are different. I define a "nerd" as someone who is boring and is not very proficient at communicating with others (Most of the dictionaries also define the word this way). This is different from being good technically or being good with computers. While I agree that being technically proficient is becoming more and more important for an entrepreneur, nerdiness still has no place in entrepreneurship, IMHO.
prasad/kryzak: I wouldn't say that I am keeping Haas PT option open only because it is easier to get into (In fact, I feel that for Indian applicants, applying to Haas PT in R1 is very important. But I intend to apply to Haas PT in R2 -- Only if I don't get into my FT choices). I am keeping Haas PT option open because this is the only program that lets me study even if my green card process goes down the drain for some reason and lets me keep working while studying and still take part in all of the school's activities and events (I intend to follow prasad's idea and drop my work-hours to focus on studies). Now, why not Haas FT? Because then I won't be able to apply PT. And Haas PT is the only program (Out of all the ones that I've explored) that will let me immerse in the school's offerings even if I go part-time. Remember that there was a thread about the lowest ranked school that you are willing to go to? Well, for me, there should be a lowest ranked FT school that I would be willing to go to (And take that 'opportunity cost' hit), and failing that, I should turn my focus to PT programs and save on the 'opportunity cost'.
Finally, why not UCLA FT? No wayyyyy .. I am just no fan of LA. I don't see me living there for 2 years.
Tell me that this is not the most nonsensical post that you've ever seen