My story:
I left graduate school in a huff with not just a little bad blood between myself and the professor who should have been my mentor. Being wrong about our field of thought is one thing, being a witch about it is another.
I take solace in the knowledge that I'm half her age and I've published more novels in her own field than she has.
JCHines comment that he is the only graduate who's published anything is apt.
My experience with both MA and Creative Writing programs is that they tend to be a crutch for the average writers of the world who are good at playing "the game" of scholarships and profesional networking at the expense of actual written work.
I'll never forget the terrifying gentleman who was genuinely intelligent and talented. I had to practically pull teeth to get him to admit that he was a writer, and to admit what kind of writing he did. After much goading, and direct questioning, I got him to confess the book he wanted to write. With the languages that he spoke, and his intelligence, he was very qualified to write that book. It was a great idea. I asked if I could take a look at it. He told me, as if I was the crazy one, that he hadn't even started yet. He wasn't ready to write a novel, he said.
At the time, I was finishing the first draft of my first novel. I'm 27 today, with three novels written and one sold. This gentleman was fifty if he was a day. He had been waiting tables his whole adult life trying to make it as an actor/writer. He and his wife had never had children because they were never in the financial place to have children. Then, it was too late.
An absolutely terrifying way to go through life.
When people I meet ask me what it takes to get this far, one of my recurring themes is this:
"The clouds will never part. Jesus Christ, Buddha, Satan, or whatever you believe is not going to descend from the sky and poke you in the forehead and tell you that NOW, NOW YOU ARE READY! There's no such thing as ready. That's why God made editing. You can fix anything when it's written. You can't fix things you haven't written. Get to work."
This gentleman's attitude was ubiqutous to the academic program, and fed by the professors. I was in a room full of English Majors and Writing Majors where people believed someday they would wake up and just know that now they are ready. Until then, it's best to learn from your "betters".
Foolishness and drivel. It was like taking writer's block and institutionalizing it.
That said, I am of a very different opinion about Film MFAs and Drama MFAs. Films and Theatre require a social approach that a world-class MFA program really promotes. Thus can one network in the industry and learn next to the future major players of the industry, and build the contacts that make a career possible.
Writing novels does not require that level of networking, at all. In fact, I am of the opinion that it can be damaging to writers who let negativity get to them - like me.
One or two workshops is fine. Writing workshops work just as well. So do writer groups. MFAs are a very expensive way to spend your life slinging coffee or grading garbled Freshman term papers.
edit: my experience was at the University of Houston, at the time USNews ranked their Writing program at #3 tied with Johns Hopkins, by the way. I did undergrad work there, which I don't regret at all. But, it was an expensive way to get a job slinging coffee at starbucks, and mytime with different writer groups worked just as well for free.