Chemistry is fine if it is what he really loves. However, I think it would be money well invested to investigate before committing to a degree track. I think materials science/engineering is much more exciting. I've found that all the major breakthroughs in many fields come on the heels of materials.

Of course, should your son ever have the ability for electrical engineering... (oh, we are an arrogant and self aggrandizing bunch - but we earned it). Actually, electrical is interesting, but many other disciplines are equally exciting. My philosophy is so long as you have a good grasp of the fundamentals, you can work within many areas. (First rule, there is no such thing as a free lunch).

As for premier engineering schools, well that must be an American phenomena which escapes my imagination. Anyone graduating from a public university in Canada can hold their own with any MIT or Princeton graduate. I know because I've done it many a time. We do have a few schools that have a reputation for being the best in specialties, but all in all the general education system has a high degree of quality (pun not intended).

At the end of the day, I recommend you take some time and schedule interviews and visits to industries. I started off in architecture and after spending a summer working in the business discovered I couldn't stand it. Most high school counselors couldn't counsel their way out of church picnic. Let him see it, talk to the people, and keep his options open for the first two years.

My 2 cents,
BC_EE