Avram: “old man” also vouched for the letter’s bonafides. Also, despite a couple of posters saying they cannot find this letter posted anywhere else, I easily found it (by googling the first sentence of the letter) posted over a month ago on the unofficial website of the Hebrew Yated that for the last 15 years has been posting translated articles from the Yated.
Most of the dangers mentioned by the RY are equally applicable in the U.S.
1. The shock of going from an environment of kedusha to secularism.
2. Kefira in academia.
3. Influence from secular professor with improper values.
(I’m not sure where you get the idea that U.S. professors are “supportive of Orthodox Judaism”. U.S. universities are a major hotbed of liberalism and anti-religiosity [and anti-Israel, for that matter.])
4. Influence from secular students. (kefira discussions, mode of dress, etc.)
5. Even in chareidi colleges there are instructors who aren’t 100% yirei shamayim.
The RY may have been concerned about the perception you mention (i.e. ivory towers) due to the illegitimate external criticism made on these topics which inevitably filters back into our communities. About the Borsalino thing, maybe there’s some kind of mishegas going around the more well-to-do families in EY about frequently getting a new hat. Who knows; there are certainly far worse bad habits in the secular world.