Exeter's actually worse than the article says. Shortly after I graduated in 2002 they tore up up perfectly functional squash courts and replaced them with new ones. The old courts weren't as big as the new prep school official size, so they spent millions of dollars just to add another foot to the court. The money for the project was donated by the father of a girl on the squash team. He wanted the money to go to bigger squash courts and nothing else. It's his money, so he can do what he wants with it. But I can make a long, long list of more worthy causes, and it's a shame that bigger squash courts is the best he could do. Prep schools and colleges manage to own a portion of your identity, and they are incredibly effective at getting alums to donate money back to them.
I actually think the article did a great job of accurately showing the two sides of exeter. Dwelling on how much money they spend on squash courts or football stadiums gives the wrong impression and just perpetuates the common criticism that exeter is elitist. The reality is far from the truth and the article was pretty accurate in demonstrating that.
My point was not about elitism ( your right, Exeter is much less elitist than some people think ). My point was that from my experience, the vast majority of Exeter's recent spending has had no impact on the quality of the education. The old student center, science building, and squash courts were more than adequate. The $100+ million spent on the new ones is just over the top. It's a shame that donors couldn't find a better use of their money.