Actually, I have nothing good to say about MIT's administration above the individual professors and departments -- they spent huge amounts of money on pointless things, and mainly consisted of professional administrators (educated at e.g. BU) vs. alumni. During my time at MIT they destroyed the FSILG system (student-managed small housing groups) due to one fucknozzle drinking himself to death next door to my residence.
I haven't kept up with MIT since around 2000, but it was definitely on a downward trend from 1996-1999, surviving mainly on past reputation.