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neoatlantean
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EBSIFounder
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osbornecox
You are discussing these two application options as if though Columbia and HBS were mutually exclusive, which makes no sense: why not do CBS ED and HBS R1, given that they run on the same schedules? Sure, the J-term is preferable to the regular two-year because you're being sponsored by your firm, but at least this way you get to apply to both.
I believe the Columbia ED is a binding decision. I'm not sure how they actually enforce those, but you're supposed to withdraw all other applications if they accept you. The shady part of ED is that they can still defer you without removing the binding application.


neoatlantean,
The J-Term makes a lot of sense for your situation. If timing isn't an issue, the best of both worlds is to apply to HBS in the fall and to J-Term the following year if HBS doesn't accept you.