Dear Vinay,
I think 1 year course is suitable for you. Though the cost of education will be same for you, in terms of opportunity cost you will gain a lot (min. 5 lacs.) The thrust is more nowadays on 1yr course with lot of exp. (thanx to ISB, IIM PGPX though next yr.)
I am with nearly 15 yrs. I too am trying for the 1 yr. course. (I don't have the dilemma because I was not even called for the PI

)
In 2 yr. course, the freshers are predominantly more (though max. exp. may be 4-5 yrs.). So the course also must be developed to take care of their needs (my guess). The second yr. mainly covers practical aspects like internship, corporate exposure, which may not be needed by ppl like us!
Additionally, the classmates will be of our age & exp. which may help us in the long term!
ATB