First, psychologists who measure such things say that once you go beyond about 2 sigma above the average (i.e. above 120 IQ) test results are not very meaningful beyond saying someone is high-grade genius. Leaving that aside, and proceeding to the more interesting part of the question, I'd say that major research universities are excellent places for super-smart students, as long as their social skills are sufficient.

Top universities have outstanding faculty members who are in the best position to mentor and guide super-smart students. The main limitation is that during under-graduate studies, many classes have well over 100 students, and as such may be far too slow to engage a super-smart student. If such a student had poor social skills, s/he'd soon do or say something to alienate the large body of more average students, and may be ostracized. Super-smart students may also have skipped one or more grades in K-12, and may be younger than the average student, leading to even more social challenges.

In the final analysis I'd have to say that a good university is the best place for most super-smart students intellectually. If their social skills are lacking, these students will need a good deal of parental support until they mature emotionally.

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