Problem is those kids are special. Compare Wellesley's average income, education level, and test scores to the nation. Take a look at what % of the graduating class is going to college and where they are going. What he should have said is "Life is not fair, you guys are already on the good side of the curve- don't screw it up."
Perhaps there's a lesson to be learned from the attitude, then...? Or maybe shows how they got that way?
If the already high-achievers are told they're not special... think they'll try even harder? They're probably not at any lack of self-esteem, if they were applauding the speech.
Hard to say... but it's an interesting question in most leadership books. Don't give enough praise, they'll drop off the curve the other direction. Give too much, they get lazy.
There's a balancing point on top of that bubble, methinks.
Consistently throughout history, mega-overachievers seem to have always come from a background where they desperately wanted a parent's attention. Sure there are a few stories of the kids who were given "everything" by both parents, and did great... but the other story is FAR more common...
But would someone withhold attention from their child on purpose and be cold, to see if it'd help the child have world-changing achievements in life?
I'm guessing not...
Fascinating stuff, human motivation.