I didn't apply because my father, who had gotten his masters there, specifically dis-recommended it.
Super-competitive schools are not for everyone, even if they're willing to admit you. In fact, I'm somewhat against them "in principle." Yeah, you get an impressive diploma and an excellent education. At a price. Multiple prices, paid from different places, from your wallet to your psyche. (There was also that time I funded a scholarship. The recipient, happy to receive it, went to a "better" school than they had originally intended. And entirely disappeared before she could collect the 2nd year's worth of scholarship. :-( )
And when I look at a new-graduate candidate as an employer, an MIT degree is impressive, but I'd rather hire someone from Rutgers who helped work on the Pascal compiler in their spare time, than someone that just completed coursework.
On the bright side, many MIT classes are available online (for free), these days... And other schools too; it seems that the "better" the school, the more likely that they (and their professors) will be into the whole MOOC thing.