Quoted:
Save your ducats. We're going into a global depressions. MBAs are not what they once were in the '70s. Nowadays every brick 'n mortar and several online paper mills awards MBAs.
Which goes back to the first post about the schools reputation, rank, and program matter very much. I would also add career placement is very important. Some school have companies recruit there, some actively seek the best careers with the best company for the individual student. Everyone has different needs and may not fit into a cookie cutter system. Some do both.
Schools also focus on industries. If you want to be an investment banker at GS, you need to go to a top 5 school and have good experience. If you want general management, find a program that fits you and your industry and target it. I start an MBA program this fall.
Edit: because we are heading towards a global meltdown I am getting an MBA to maximize my income, ability, connections and foresight to ride it through. There will still be market trends and a need to talented, educated, hard workers. You don't need an MBA for that, but in my situation, it is the best course right now.
Also, get a really good gmat score. It will open doors and some schools will offer better scholarships. You have plenty of time to study for it (the score is good for 5 years) and research program and visit schools and meet with admissions, career counselor and current students