Counterpoint: I worked as a developer before I had my masters, and a lot of what I learned in University, often things I would not really have thought to go deeply into them myself, opened up new worlds to this day.

I considered myself "technically competent" before and thought I could learn everything where it comes up, but past a certain level there are aspects to development that just are just really hard to absorb if you don't have the (hard, gritty) theoretical and mathematical foundation.

can you please provide more details? what did you study?

I have a masters in information science and work as a developer. The course work was not that different from my comp sci undergrad.

I've read that and MBA looks better than an MS. This is also interesting to me because I've been kicking around getting one or the other. MBA I guess is the route to go.

deeply depends on what you want to do with it and the knowledge you might acquire.

If you want to go towards the business and/or management side of things an MBA might make sense. But for a developer an MBA would be very strange on a CV.