I don't know what others' experiences have been with MBA's, but basically mine have been;
"Have a pulse? Get an MBA!"
I'm not impressed with MBA's. In business school I learned and took the exact same classes the MBA's did and the truth is things like "management" or "leadership" is all BS when you try to codify it and turn it into a class. Things like "management" and "leadership" cannot be learned, only experienced. Thus, when I see some 27 year old MBA putz who when not wearing a suit and tie is wearing his baseball cap on backwards with the latest in Ambercrombie and Fitch whilst at Applebee's and calls girls "hawt!" I have a hard time really taking the "rank" or "title" of an MBA seriously, let alone would charter the individual with a position of power.
So it does not make me have great hope for the future that when GDP goes down, MBA applications go up.
Regardless, my position on MBA's runs contrary to the realities of the labor market. Firms do pay more for MBA's. Ergo there must be some benefit, and I think I've found it.
You don't hire an MBA to lead or to think. You hire them to obey. And if there is an advantage to an MBA, they certainly obey. Which only make sense, because in corporate America conformance and obedience is much more sought after than thinking or progress.