The worth of an MBA - or the lack of it

MBA is a strong Brand in itself. Thanks to the all time high packages IIMs and some other B Schools attract and also to the inflated claims of the rest, MBA has acquired a reputation of being a sure shot way to luxury. It is a known fact that in our country there are some very good institutions and the rest are average. While the former group has really been instrumental in building the brand, it is the latter which has tried to piggyback on the former's efforts. And so the number of institutes from all fields have risen exponentially. The bad has moved to the average and the average to good. But this movement is only in terms of reputation and that too only for the general public. I am not sure whether the corporates think in the same way. Why I am dwelling on this issue is because, i am fed up of listening to the oft repeated statements from my family,friends and acquaintances that a great job awaits me. I am not sure whether all of them genuinely believe in their statements but still its like someone giving you an electric shock. Just to clarify, I personally do not have problems with my current state since i didn't have a better option. I am optimistic about a good return.
During the last 6 months or so, I have watched and experienced a lot of "MBA culture", seen & heard about more than 20 "one of the top 10 B schools in the country". The picture is really bad. People work hard to clear CAT, leave there jobs of 2-3 yrs, spend in excess of 10 lacs, a loan - all with the hope of a big fat paycheck. They start with a dream which starts to fade very soon with the summers and then with the final placements of the previous batch. Whatever remains is wiped out the next year with his/her placements. Its not that all end up in bad places. Very few get a great return, most will get decent returns. But this decent thing is no way near the good or great thing they expected. So,for people who had chosen this particular institute over other will repent not choosing otherwise. The same happens for the other person as they say "The grass is always greener on the other side".
What I mean is that one should clearly evaluate the options. Things change and so has the value attached to a degree. Mostly I have seen people to go for education to escape from a bad job. But they end up in a better paying bad job. With the ever high fees being demanded by institutes and the government in no mood to put checks on this, it is really unfortunate to suggest calculating ROI for investing in education. But its a harsh reality. And so my advise to anyone who wants to pursue higher education is to think hard for the reasons. But do remember that these words come from a highly indecisive, confused person :)