The following is a list of the 20 universities with the highest median SAT scores. This ranking looks at students in the top quarter of SAT scorers at each university.
IMHO, the primary problem with this ranking is that it looks only at the top quarter rather the entire student body. Some schools have a prestigious reputation and thus attract high SAT scorers, but they still accept a significant number of people with lower scores. This ranking neglects 75% of the student body! If instead you took the mean or median of the entire student body, you would likely get an entirely different rank. For instance, in this list Harvard and Yale surpass MIT, but I would bet an overall average would show MIT outshining both.
Still, just using one metric makes things still inaccurate. There are other metrics to be considered when looking at quality. It might also be helpful to divide this into multiple lists based on college types rather than just lumping them all onto one list - ie tech schools, law schools, med schools, liberal arts schools, etc.