Web development? Every master of CS I know is very good in all developments because they know the fundamentals of CS.
So in general MIT is still an elite university world-wide. I tend to say yes. A friend of mine was traveling while studying at the university and he said: "It's still more about determination and focus and less about the university."
The main thing is -> an elite university tends to have a better "delta" of students hence it looks like it's better, but in the end not only the professors make the difference but the students. It's a "chicken or egg" problem.
Anyway, going to MIT and having access to the knowledge, projects and esp. people is worth a lot. But I guess if you're determined and focused then the university is less relevant.
That's at least my superficial opinion, I studied history and philosophy and just for fun ... so gg maybe someone of MIT can answer this a bit better.