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There are many benefits to timing your practice, including:
Two Year MBA programs are better for students who intend to swich careers, in part because of the internship between the first and second years
Two Year programs allow more time for electives and a deeper investigation of topics that interest you
Two Year programs allow more time for networking/developing strong relationships with your classmates
Two Year programs generally allow more flexibility in scheduling exchange programs
One Year programs generally have higher value for the money (Note IMD had a value for the money rank of #2 in FT 2005 while LBS had a rank of 91, INSEAD had a rank of 9 while IESE was #47, Oxford was #1 while Manchester was 45)
One Year programs minimize your absence from the workplace and your industry