I would like to share my little story here
In year 2000, I enrolled in a twinning Food Science program between Sedaya College (now UCSI) and Charles Sturt University. I completed my diploma in 2001, that time I was thinking why don't I try my luck so I went to apply for other uni. I got 4 offer letters from Melb U, RMIT, Deakin, and New Castle. I got some recommendation saying that I shouldn't choose any uni just because it's famous. By that time the Food Science in Melb U is relatively new, plus the tuition fee is almost double to what other uni offer. I choose Deakin Food Science & Nutrition in the end which ranks pretty good in Aussie from what I heard. Yeah, I had a great time studying there.
After my graduation, I came back to Malaysia and looking for job. Most company I went to interview had never heard of Deakin and then people around me started to say I should have went to Melb U instead. Nevertheless I got a nice job and I enjoyed my work. Deep in my heart I do feel a little regret in giving up Melb U.
I would say that even the "fame" or "rank' of a uni is not the only factor to be considered but in country like Malaysia, lots of people do take it seriously, not in working place but in social life. Especially when I say I went to uni in Melbourne, 99% of time people will say "Melb U ar? No? Deakin? What's that?" Not saying I feel inferior that I'm not graduated from Melb U but I do feel people here tagging graduates from those high ranked uni as superior class.
BUT, does graduate from high ranked uni means better performance in work place? I doubt it. I've seen many fresh graduates from famous uni doing sh!t job while a high schooler may do the job better.
My two cents

i think thts only applied on last time..nowadays is different...
like i got 1 friend who graduated from UK 4/5 years ago..he went to interview and there are alot of people waiting too..mostly they graduate from local uni like UM,UTM,etc and the company put more priority on overseas graduate