I'm actually very torn that you seem to have a choice: you can have a place with high academic standards, or you can have a place with a diverse population (especially socioeconomically), but it's terribly hard to find both. I increasingly appreciate the value I got out of going to school in a nonpretentious environment with a variety of people -- I just can't sacrifice academic quality for that.

There are public schools with great academic quality, but the fact is you buy your schooling one way or the other: tuition or house prices. The peer groups seem to be the same either way.