I'm a recent UW grad and though I think there is huge value in the co-op program I think the main driver is the University's tech-driven culture. Just go to Davis Center (Waterloo's tech library) for an hour and it will be hard not to get swept up in a discussion about new technologies, innovative new applications and interesting points of view. Even the humanities curriculum has a tech twinge; I graduated with a BA in Economics being able to code concisely, and use an arsenal of open source tools to solve problems the are discounted as being "too mathy/techy" by other economics programs.
You are going to see a whole lot more creativity coming out of Cambridge as well. The architecture program has created some of the most talented designers in the world and the admin are doing some great new things to have students apply those skills to UX.
I'm a recent alumnus of the UW Architecture program. I know the faculty there are pushing hard to incorporate emerging technologies into the core undergrad curriculum and many of the graduate students there are doing really interesting work in computational design and UX.
Additionally I can't say enough good things about the co-op program. While I was there every single one of my classmates got a placement every term at a firm within our industry. The economy was better then, but most of us had our pick when choosing what city we wanted to work in abroad. And this is on top of the compulsory term at the school's Rome studio in 4th year.
