Larrys,
I left commercial real estate to enter an MBA program thinking everyone would be "like me", extremely interested in business. I was shocked when I got there and found just a small group who got it. Then I went to a major tech company in the Valley (finance internship) and was even more shocked at how few of them got it.
I got an offer but turned it down to work at an asset management company. Finally for the first time in my life I am surrounded by people who get it. (60% don't have MBAs)
An MBA doesn't mean anything except that the person has gone through a 2 year degree and knows a lot of random business stuff (supply and demand, being a monopoly is good, knows how to model a DCF etc.).
That being said, an MBA doesn't mean the person is terrible either. In general, an MBA allows the person to grow a lot, gain some great relationships and helps them communicate with other business people. Lumping all MBAs together is like lumping all programmers together.
Most business people are not great, most programmers are not great. see 20/80 rule.