the prime purpose of an mba-fulltime and and an mba by correspondence differ. u'll have to figure out what is it that u wud expect post the mba, in terms of academic inputs and in terms of a push upwards in ur career.....an mba by correspondence is usually prefferred by those ppl who , primarily, dont have the time for a full time course and , secondly, for whom a full time mba might not be the best investment considering the stage of their career...i.e. to say, the returns might not justify their staying away from work for a coupla years.....a full time course is, in most cases, preferred by those who need a proper academic environment and for whom peer interaction also plays a major part (to some, the only part

).....a second set of ppl is ppl directly out of their under-graduation.....to the second set of ppl, a degree by correspondence usually doesn't make much sense.....
as regards output differentiators between fulltime and correspondence courses....well.....there are many......and to many, foremost being, no placements
each institute has a different mechanism for selection (which usually doesn't exist in most cases

).....afaik, icfai charges quite a bit over what other correspondence courses charge....but i believe it is a good draw amongst a lotta s/w pros in hyderabad.......
figure out which is more suited to ya ... all da best
Cheers