Some companies only care that you have an MBA. Others only care where you got it. So, it depends on what industry you are wanting to be in - or if you happen to know the specific company you want to work for, even easier to determine which it is. I'll also say that, among the second generic type - some very specifically only look at exact schools and some just want it to be a really high quality one.

That said, there are major reasons to go to a high end MBA in favor of a sort-of-high-end MBA. Networking has been mentioned and it is a big deal. I felt like I came out of BYU with a really amazing network of very impressive friends/acquaintances. If you go even 10-20 steps down the rankings, I'm not sure you get quite the same thing.

In general, BYU is a really solid, but not quite "elite" program. I think there are very few instances where this would actually handicap you. And, frankly, for me at least, almost none of the "lost opportunities" were appealing to me anyway - due to geography and/or job demands. BYU MBA can get the vast majority of people to what they want, even if that means a job on Wall Street or in Silicon Valley. It's much more likely that the things that limit you are your personal ambitions, your intelligence, or your technical and people skills.