I guess some people see it differently. To me, possessing the education means more to me than $500K. If it allows me to be happy at my job, control my own future, and maybe have the potential to get even richer than someone who just climbs the ranks at a hedge fund company, then it's worth it. Higher risk, greater gain, right?
I did hear from a friend of mine that there are/will be fewer IB and consulting people applying to B-schools this year because the economy is doing well and it's better for them to just make more money while the market is good? Dunno how valid that is...
EDIT: Actually, now that I read the whole thing, it makes sense. If you''re sticking with ONE industry, and you're already doing great in it, why get an MBA? If I were an entrepreneur already, started a few successful companies, and plan on starting more companies, I don't think I would go get an MBA unless I felt I was really deficient in my leadership skills or lacking of a network (unlikely scenario). So while this article makes an MBA sound worthless, it does have some good points for people who love their career and are very good at it.