I was an undergrad at MIT, and I never heard of this program while I was there. That doesn't mean that it's bad. It just didn't have a very high profile when I was there. (Any program that has a large distance-learning component will usually have a much lower profile on campus.)
I do think it's a great program, but it's definitely not the same as an MBA. To answer your questions 2-4, I don't think the business community sees this as the same as an MBA, either. This program is much more appropriate for engineers and technical managers who want tyo grow in that role (become leaders in technical roles), while an MBA is much more commonly a path for transitioning into a much more business-oriented role, such as marketing, finance, consulting, etc. This program has real benefits, but I think you'd have to have really specific career goals (within tech) for it to be of real value to you.
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