IIT - is the brand better than the education?

Consider this from Professor Dheeraj Sanghi of IIT-Kanpur's Computer Science department....
"Compared to the best institutions in the world, IITs' quality of education is suspect. Our graduates do well because we take the best, and a small amount of value addition can turn them into gold.
But if you consider the value addition that many good US universities provide to an average student, no Indian college can come anywhere close. You study in IIT because they provide the best education in India (and to a large extent in Asia), and they have the best brand name, but purely in terms of quality of education, lots of universities in US will be better. For almost a decade, we had kept open a channel of admission for NRIs through SAT scores. None of our illustrious alumni settled in USA thought about sending their sons and daughters to IITs. (I did my MS and PhD from University of Maryland, College Park. Quality of under-graduate education there was certainly better than at IITs.)"