What do you think of the MBA?

What is your opinion of the MBA and its place in today’s economy? Obviously we’ve got a ton of MBA-educated Wall Street men who have us so mad we could spit, but what do you think the effect of that is on the degree as a whole? Does it mean we need to retool our schools and MBA programs?

I am particularly interested because I am finishing my applications for grad school this week. I’m applying to MBA programs. At this point I’m not sure if I should be aiming for what has traditionally been a “big name” in schools or a smaller program. It all leads back to the MBA and how people are going to look at it during and after this recession.

Of course, depending on where I get in, I may not have a choice but you know, assuming I’m awesome and could go anywhere I applied.