Can you tell me more about any personal experiences there? What are the professors/students like. If moving was the only other option to go to a T1 (top 50)and paying more, is it worth it?
Well, I wouldn't say "no one" would choose a T4; you have your own reasons for choosing a school: perhaps you have a family or whatever which would make it much more difficult to have to pick up and move. On the other hand, I think if it is feasible for you to move, you won't regret having chosen the T1.
As far as my personal experience, the main difference between the students at the T14 and UB is that they are so much more motivated: to prepare for class, to answer questions in class, etc. And you do learn a lot from your peers. As far as the professors: I haven't noticed a difference in quality at all. The professors at the T14 might have a fancier pedigree, but I think sometimes that can be an impediment because they might be the chief judge at this court or that court but that doesn't automatically make them well suited for teaching. Hope that helps.