A very good question, I am sure the current MBA-batch has more inside opinion. But my take is that if he wants to make a comeback to the IT industry his position will improve in the following ways :
1) Will move up the delivery chain. If you are asking what that means, let me explain. In Wipro its something like this :
S/W Engineer
|
Project Engineer <-------- Hi Mom ! I'm here !!

|
Project Leader
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Project Manager
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Technical Manager
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Group Head
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VP (My Vertical)
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President (My Vertical)
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CEO (Vivek Paul)
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CMD (Azeembhai

)
So you can understand that its still a long way for me to go up. With an MBA you can move up to a level equal to that of a Project Manager level straight away. Though you won't be involved in the nitty gritty of coding/technical implementation, you can be into something like strategic marketing, business analysis, pre-sales negotiations etc.
Arun
PS : Apropos to the above point, albeit in a different domain, a very good friend of mine passed out from IIM-C and had come over to Bangalore on the way to going to Kerala. I got to know that he was appointed a Regional Executive in a large MNC FMCG/Pharma company. He is about 3-4years away from becoming a Regional Manager. Another 10years from becoming the VP (provided he consistently performs). He would be about 36 when he would do that. He has a basic B.Sc degree pre-MBA. Tell, would there have been anyother way for him to reach that level if he had not done his MBA ? I presume not.