I think IIT is one of the best places to do undergraduate study in engineering in the whole world. I am not sure about graduate program. If you are looking for masters program, then I would say if you can get into good school in USA, come to USA rather than IIT. I do not know much IITians with undergrad degree from IIT, probably they go for lot better school than where I am now, but i have seen IITinas with masters degree from IIT, and I feel like they are just average. One of my friends came across few IITians in his schools and he said he was surprised to see IITians as he found them as like us compared to what we used to think back in nepal. IIT is sure a big name in undergrad study.