I don't know too much yet about the MMM program, but I was very impressed by a couple of the LFMs I met at Sloan (I assume MMM is similar enough to LFM). I think the recruiting stats were stronger for LFMs than the general Sloan population, and their incoming stats were also slightly higher. I think career options are wide open, with a mild expectation/belief that you will go into supply chain, ops, manufacturing, etc.
MMM program is a great program. It and MIT's LFM are probably the two big name ME/MBA programs. Its a smaller part of the MBA program and seems to actually have even better placement stats. I would say if you want supply chain, ops, or even consulting (McKinsey seems to like them a lot) you probably cant do any better than MMM or LFM.