Though I certainly can't speak with authority about what might constitute value in an MBA program, I would think it would be the ability to understand systems and their organization and to think creatively about solutions to complex problems. I'm probably wildly optimistic.

From what I've heard from friends and coworkers who've gone to HBS - the value of the MBA is almost entirely in the network, in getting to know all the other folks who also got into Harvard. (This is perhaps a little bit less valuable at NYU, but the general principle still applies.) Logically, therefore, if you want to maximize value as an MBA program, you should have your students party all day. Which may not be all that far from the current truth.

The classroom aspects of the MBA have been uniformly criticized by the people I know that've gone through them, except for the few idiots who believe every business situation is like a case study and then run their businesses into the ground basing decisions on that. Business is just too complex to reduce to classroom principles. I think Marc Andreesen once wrote on his blog that at the time the executive makes the decision that an HBS case study will eventually be based upon, he has less than 10% of the information that the students who will eventually be critiquing him have.