From the pictures I have seen it does seem awesome.
Yea I have heard of the pranks too.
Last yr some MIT seniors went to Stanford and University of Illinois's campus in August (on the first day of college) and distributed free shirts. On the back of the shirts it said "coz everyone can't get into MIT". lol
These 3 univ's are ranked amongst the best for engineering so they keep playing pranks on each other :P