Ah - good topic and great discussion! Wonder how this never became as popular as this should be!
Anyway, I will focus around saying one thing. You learn things only when you start working, and that's a fact. I did not understand any of the Chemical Engineering concepts I studied, until I went to the industry and actually saw things happening (even that was limited, because I wasn't doing things).
When I was at my software company (let's call it Axe 'n' Torture


) there was a training that was supposed to teach us the vagaries of the job. Did it? No. What it DID do was help me triple my Orkut scrap count. I learnt hardcore testing only when I started working.
So, can we conclude that you really don't need training and just need to be pushed into the job? I had a discussion on this with my girlfriend who happens to be my senior at MICA

She was a Media Management major, and she said had she joined her company without MICA, she would have caught on the software and media concepts in a couple of months or so (the same things you learn at MICA). What, of course, MICA has added to her in two years (and 6 lakhs

later) is a lot of soft skills that built up over time. Yeah, I know it sounds very gassy to say something like 'soft skills', but it really does work. In those two years, you learn an incredible lot of things. I've learnt a few myself.
1] Time management: When you have three assignments to submit, have to practice for the band, have a committee meeting to attend, AND have an on-campus girlfriend, you learn to manage time. And you'd better do it!
2] Working with idiots: You can substitute 'idiots' with any derogatory term of your choice and locality

but it kind of sums things up. In a BSchool, there are an incredible lot of egos. Working with some people can be an absolute pain. You still have to learn to work with them and come up with the deliverable. Real life, too, will shove you into teams with idiots, and you have to come good.
Hard fact of life.
3] Perspective: Another gassy term?

Well, it's true. MBA helps you put things in perspective. It helps you weed out what is needed and what is not. In my summer internship, I realised that MBAs are smart people who can see through the pfaff that you put into presentations. Give me the solid stuff, and leave out shit like organizational values and things like that.
4] Networking: Believe me, it helps. And you need to build up a skill which will help people remember you. Lemme put it this way. When you think of '2 minute noodle', you think of Maggi. This is brand positioning. If you become a subject matter expert, people will come to you for help. And you will have a bunch of SMEs to bank on. Like, friends would come to me for guitar help. I would ask nikhilkulk for camera help, Apurv for PG help, etc. Life works this way
All in all, people can get by without an MBA. It's really upto the student to make maximum use of it. MBA is really all general stuff which you can absorb by reading up books. But there is a reason you pay 6 lakhs to do it.
Please continue this discusson. You guys rawk
ChUcK