hehehe... Well, I've been to graduate school... and I wouldn't count on it to necessarily improve the odds much. Mine was a pretty twisted group.
Maybe it's different for the daytime crowd... admittedly, mine was the nighttime MBA group.
And no... I don't have an MBA. I got about half of it and then started remodeling my house. Then got made director and my available time evaporated. But... It was a really good experience anyway. Never looked back. I learned all the buzzwords in the first year anyway. :-)