Below are based on my experience at Stern Part time program. Every PT program is different so please bear that in mind.
+ Ability to learn and apply at work really enhances your learning for below reasons:
1) The application of your learned materials really re-enforces the training knowledge. Because you're learning so much in school, if you don't apply it, you will likely forget it. But if you tried it, you will remember it more.
2) Once you start applying, you will inevitably run into situations that were not covered in class. But since you're still in school, you can immediately ask the professor or fellow students for feedback, and additional advise. This really enriches the learning you did in class.
3) Since you're at work, you will run into problems and situations that you need some help on. Since you're at school surrounded by experts in various fields, and smart students, you can seek for help and advise and again implement it at work, and repeat the cycle of the learning process.
4) Most students are working, so they are able to bring in real-life experiences to the classroom, which enhances the learning. FTers do have work experience too, but it is not real-time work experience. Plus, most FTers have less number of work experience than PTers, (I think).
+ Ability to try different internships to figure out what you want to do with your life. You have a chance to do it during school year as well as summer internship.
+ You are able to attend more school events, job hunting events, and extracurricular sessions if you're a full time student mainly due to the fact that many events are offered during day-time. PTers are working during day-time.
+ Ability to concentrate on studies due to availability of time. PTers, are always fighting for spare time to juggle between work and school.
+ Availability of some professors. At Stern, some profs only teach for FT. However, some profs only teach during night time or summer, so it goes both ways.