Funny that you mention "the world", since McGill is world renown. Turn to CBC, every time medical research is going on or a break-out in diseases (SARS), you'll always see McGill on the case.Yeah, but my point is that MIT features some of the World's best researchers. I mean, let's be realistic. Have you ever heard of "The McGill Bag Model of Hadrons"? Of course not. But every student of physics has heard of the MIT Bag Model.
Even read Canadian newspapers. It's just as successful in Canada as MIT in the United States. The only difference is that McGill is popular for art, law school and medical school.
Waterloo would be the Canadian equivalent to MIT (though I admit that MIT is better than Waterloo, but I have my doubts about it being better than McGill).
Edit: I must also add that McGill was once easily one of the best schools in North America. However, it has received less funding this past decade. Why? It is an english school in a french province.