Being rejected by Caltech and MIT is a blessing in disguise. I'm an undergrad at an instutition of the same caliber, and I can assuredly tell you that you're not going to get the best education at schools like this. While these schools may have great RESEARCH reputations, generally the teaching is terrible and classes are frustrating. For graduate school, yes, these schools are the places to be, but for undergrad, find schools where the competition is still competitive and teaching is held to a high standard.
I've heard great things of places like Reed or Harvey Mudd. If I had it all to do over again, I'd go to a smaller teaching based institution rather than the large elite I chose.