I'm thinking of applying to two categories of business schools: top business schools recognized all around the world, or top business schools in the area where I want to work.
If I go to Europe, I can (potentially) study at some of the leading schools, and do some personal travelling on the side as well. Cost will be a big issue though.
If I study at a leading Asian university (specifically HKUST), which is where I want to end up in the future, I'll have a head start in making connections. Plus, I already have family connections (some of which are pretty good) in HK which makes networking that much easier.
Thoughts?