@ mayank and other puys facing similar dilemma
The whole thing about work ex - It is a weird phenomenon in India that not only do freshers apply, but are accepted by colleges to do an MBA. So the blame does not rest solely on the shoulders of the applicants, i.e., if supply exists, then the purveyors will surely line up, as long as they believe that there is value in it for them. No offense to freshers, but an MBA makes most sense AFTER you have gained some work ex, since if you are aspiring to be a manager post an MBA, then you should have some work experience to reflect upon in class from the time when you were UNDER a manager yourself. Typically schools in USA, and my guess in other places as well, won't touch you with a barge pole unless you have a substantial amount of work experience, and that too in a supervisory role. So Mayank, 18 months is not huge, and buddy, if you want to make it 19 or 20 or whatever, I would say go for it. A little more money never hurt anyone.

Also, try to glean some relevant life lessons from your last few weeks on the job that will serve you in good stead when you take classes at IIFT. As a CFO (it is a small NGO where the annual budget is only 3 crores, plus my role is not all that glamorous as say the CFO of RIL, hence my desire to go for an MBA so I can do what I enjoy - capital markets) , I am learning invaluable lessons on the job that I am sure will serve me well at IIFT and beyond. And, yes, the amount of work ex varies from company to company in lateral placements. Lastly, lateral placements do not disqualify you from going through the regular placement season, unless of course the rules change by the time we graduate in 2011. Hope this long post helps someone out there. If you need anything else you can PM me.
I just had to edit this post after the gushing praise from treacherous_g so as not to present the wrong image :):)