As a Junior at USAFA, I'd like to give my perspective.
I do not consider Academy graduates to be superior to ROTC/OTS counterparts nor do many of my classmates have that opinion.
I came to USAFA for intrinsic reasons and will not reference my commissioning source when I graduate because performance on operational duty is what matters.
Many people are saying the Academy "sucks" and this cynicism exists with cadets who merely try to skid by.
We have the chance to party it up at local colleges such as Boulder, CSU, or DU on the weekends, but we can't drink in our dorms. We do have a bar which many cadets occupy until 2300.
If you're a high performer, there are some pretty cool opportunities. I was able to get over 30 glider sorties and planning to head to the aeroclub every other day next semester. I'm scheduled for Basic Parachuting senior year. Last summer I did language immersion training for three weeks and spent another three weeks at an Air Force base touring the various career fields. This upcoming summer, I will be conducting research at an intelligence agency. Next fall semester, I will be on a semester abroad to a civilian university, yet I will still commission in May 2015 with the AFSC that I want. We also have a pre-IFS course that cadets can take for free along with everything else. All that military stuff we do is a small price to pay for what we have here.
I don't know if there is a quality difference between the commissioning sources or if the Academy is worth it, but I know it has pretty neat perks for its students.