are two types of CS grads: The types that want to get into a big software/consulting house, and the types that are more interested in working at startups. For the former type, yes, those big agreements with the consulting firms and mega-companies like IBM, Cisco, etc. are going to be useful. For the latter type, though, it won't matter where they came from as much as they themselves matter. Even at the entry level, a basic Github profile with a few contributions on it will open more hearts and minds than the name of your school will. It's really just about knowing what kind of dev you want to do. I have a bias about which kind of recruit I think is more useful in this economy, but I'll save that for another thread.

Tim