hi,
the important questions are :
1)Is workex absolutely needed ?
No.almost all MBA schools have a 40:60 ratio of freshre:workex guys.And 40+% freshers is a decent number.also you have another 10+% guys who have a workex of atmost a year...almost on the same boat
2)Why workex :
Its a subjective thing.There is no point by point comparision.all i can speak is my experience.most important is that you see what a real manager is

inform of your own supervisor,obviously you compare his responsibilities with his pay and then you really want that! in a way it makes you decide for yourself if you can see yourself working like them.And if it clicks,the passion it can generate towards getting an MBA degree is invaluable...there are many ifs and buts...but more or less it gives you an experience of the world where you have to make your mark.
It might make a difference when you go for your MBA armed with this insight...how i dont know...but its not a negative thing to have
3)Why Infy over Normal Bschools :
A pg degree will most probably be the last academic experience for most of us.Also most of us really know that we need to STUDY once more and PROPERLY.Good B schools (read IIM/XLRI/FMS etc) assures you that you get the right kind of facilities,atmosphere and most important :Great,Competitive and Diverse Batchmates ! So the overall experience of the program at top rated and other schools become vastly different.
Now at this juncture of life most of us are very young.This is the time to get ambitious.right now we have time to do what we want to do and waste some if we are not sure

. INFY comes up which ever is the case :
1) If you are not sure you want an MBA take up infy : you will meet people there and while you are working and maybe you will realise what MBA is all about.
2) If you really want an MBA : realise that an IIM MBA and an scmhrd MBA are a bit different.Without any disrespect to anyone,you have to try for the best now...you have your options open and you dont have to compromise...join infy and give the coming CAT your best...
4)Why is infy taking up so many people :
because the times of exponential grpwth are over.Now to grow it needs more work to get done by more people.Plenty of low level work is ready to be offshored and infy,wipro,satyam,tcs are having a ball
Mohit