Elite universities

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What's like to study in an elite/really high prestige university?

Recently got admitted for a masters to an elite German institution (tu9 and part of the excellence thing) but I come from a very shitty home uni were it was rare to have your profs hold PhDs.

What can I expect?
What sort of opportunities will this open up for me?
Will I finally study with non retarded people?
Is it really challenging?