I have been following some of the posts by these kids. Its kinda disheaertening to see brilliant kids getting so sentimental for not clearing some entrance exams or not getting the desired ranks. I myself am an ex-IIT'ian currently working in the US. From my experience so far, I can assure all of you that IITs are not something that should make you cry.
The only good thing about IITs is the quality of students and their reputation. However, just 10% of the guys from IITs do something exemplary. Remaining others work in the same job positions as any other engineering graduate from any college in India, employed in the same position.
I would say that for any guy getting a rank upto 30,000 in AIEEE, he should join a decent college and finish the degree and acquire good knowledge so that you can be hired by a top notch organization.
Today, with me are ppl from BITS pilani, IIT-Kgp, IIT-Bombay a guy from an engg college in Bhopal, MCA from Indore, BE from Nagpur all working in the same position.
The media has over-hyped IITs and thats the reason why kids these days are facing so much pressure when they dont perfom according to the expectations.
So, cheer up guys and go ahead with the life. There are many more milestones left to be conquered by you.