deeee,
I believe that you are correct in your assumption about the placement stats. The majority of the students at Santa Clara are employed and go to school part time. Though Santa Clara is a great MBA to have for career switchers in the Bay Area.
As for the PACE program it works basically like this:
It is a lock step program that place students with under 2 years work exp. together for six months. During this time you complete 4 of your required core classes and take part in Seminars that build your business knowledge. For example there are a whole seminars on how to network in business, how to dress in business, table side manners on business dinners, public speaking, etc. Basically it is sort of a business development program for students with under 2 years work experience. This program is great because you get really close with your classmates as there are many social and networking required events in this program. After the 6 six months you matriculate into the regular MBA program and complete the course. So the PACE program will take 6 months longer than enrolling into the regular MBA program. I feel that going to a "part time" program one can get lured into being a commuter student where you go to class then go home. What the PACE program does is it forces you to be social and network with your classmates which is a true benefit when pursuing an MBA and career advancement. If you have any specific questions just ask.