Unexpected dilemma between Maryland and Georgetown

Looking for some advice on picking between the part-time evening program at McDonough/Georgetown and the full-time program at Smith/Maryland.

My plan has been to pursue a part-time MBA in the DC area beginning this fall (relocating isn't an option right now). I applied to UMD and Georgetown, and I was ready to pick McDonough over Smith pretty easily. I like the program on a lot of different levels, and I've been feeling good about my chances after my GMAT performance (730) and a strong interview. (Not accepted yet though, so the rest of this post might be moot).

But UMD threw me a curveball. I was contacted by the director of admissions inviting me to attend the full-time program instead. He expects to be able to offer me a two-year fellowship covering all tuition (and at a minimum, one year).

I am very strongly drawn to Georgetown, I really like the program, and I was willing to handle the tough lifestyle of juggling school, activities, a pretty demanding job and a new marriage for the next 3 years. I had also convinced myself that giving up 2 years' salary and work experience wasn't worth it. But 2 years for free at UMD seems like a hard deal to turn down. I'd start earning my post-MBA salary one year earlier without much debt, I'd be able to focus on school more completely, and my overall quality of life would probably be better. When I do all that math, it seems like a no-brainer to go with Smith.

My questions: How do you think these programs really compare? Is the downgrade in school quality, projected income and career prospects insignificant enough to make this trade a net positive? Am I overblowing G'town's value / underestimating Smith's? Am I even asking the right questions?

Sorry for the rambling, and thanks for the input!