This very discussion came up one time in the late 90's at a party I was attending; we were watching the Aggies in the Sugar Bowl, I think. The Aggies were going on and on about how wonderful their university was, and I said, "If I had to have a child attend a college in Texas, I would prefer UT." One of the Aggies responded, "Oh, so you want your kid to be gay, then?" I retorted, "Have you SEEN the yell leaders? How much gayer can it get?" (not that there's anything wrong with that...)
One Aggie joke that I heard recently (told by Aggies rather than about Aggies) was that if any Aggie student was caught in a gay act, they would have a finger chopped off. If they were caught a 2nd time, another finger would be chopped. If it happened a 3rd time, they would send them to Austin to go to UT (they would probably say TU). This is their way of making fun of the Hookem Horns hand sign (middle and ring fingers are "missing"). Because of the lack of diversity, A&M is the only school in Texas that I would discourage my kids from attending.
Some of my UT friends tell a story about a "jerk jar" the Aggies players used to burn on their bonfire before the UT game. That shit is gross.
Their university grads are widely accepted as the most successful in the nation, even over Ivy League. At least thats what the article says.