This is probably going to read as typically American, but most of the population in my country is under the impression that Oxford is the reigning institution of higher learning. Apparently, from discussing this topic with my friend from Imperial College and reading some of the posts in here, most of the population in the US is wrong. In fact, so wrong that we couldn't even get the college that is considered number 1 in the UK right; Cambridge. Actually most of the population has probably not even heard of Cambridge but will gasp in amazement at the mention of Oxford.
But then again, as I attend Harvard and have visited Oxbridge, I can safely concede that I have no idea why we're considered number one either. I mean, yes we have brilliant professors and strong academics but it is our huge endowment that keeps us strong as we pump millions of dollars into the Harvard brand name. That and we have a really kick ass Business school.
Secretly, I think that Princeton is really the best school in America with Stanford a close second.
Other than that I was really impressed with the British system and with the universities your country has; Cambridge, Imperial, LSE, UCL, Kings.