Very good points raised, but ...
Let's understand how US b-schools are usually positioned. It is an expensive networking platform. It opens the possibility of creating the mix of geography-industry-function you always wanted. Most of you are changing the geography (India to US) so welcome to hard work. Some also want to change the industry (software to consulting) - more hard work. And some geography-industry-function (engineer to consultant) - so super hard work.
Recruiting: There is a dramatic drop in career opportunities when you go from top 1 - 30 schools. Top 10 are your better bets. Things start getting harder from 10-20. Beyond 20 folks have a very tough time. The better the alumni network in the industry/function you are planning to join, the better chances you have to getting the job. Post MBA it is not just about 'who can do the job' but it is about 'who can do the job and i will love to work with'. If the recruiter does not like you, you do not get the job!
Recruiting for international students: As you move from top 1 - 30, firms change the recruitment dramatically. First, the number of recruiting firms drops then the number of students they hire drops. Second, many firms hire internationals from top schools but not from others. Third, coveted roles may go to folks at higher ranked schools than the other ones.
Academic rigor: MBA is much more than classroom learning. You learn at workplace more than what you learnt in class. Time management, managing people, socializing, building relationships the american way etc. are some of the important skills one has to gain while at school - and that requires a lot of hard work.
Diversity - Super important!
Work permit - If a firm hires internationals anywhere in US then it is possible to network and get hired even if it does not hire internationals at your school. It happens all the time. It is also possible to get a job in the company that did not hire you on campus. Again network and you can get hired off campus - lot of hard work of course!
Cultural differences (americans only want to drink and ... ) If you find hard adapting to new culture, new way of life, stay away. Americans are lot more smarter than many think they are. If you think you are the best, you will find someone at school who is better than you - many times it will be an American.
MBA is an investment, if not managed well, it will definitely give you poor returns. "Read the offer document carefully before investing".
Great topic to discuss. Good luck to folks who are considering MBA. Happy job hunting to current MBAs.