I have worked with alot of of IT project managers and there are elements of project manager in my job. If I was a project manager would I do an MBA - no, would I do some other form of education quite possibly.

I wouldn't do an MBA because, I dont believe especially with the amount of time involved and money you do get a return - I think you learn more on the job and the pressure of doing the course detracts from that. ( I did an MSc in Information Management while working when I was far younger and not that much job pressure and while very interesting I often wished I was spending those hours on work projects not study)

If you already had a uni degree would your thoughts be different? Personally I don't think that should come into play - is experience common sense good communication and people skills that makes good project managers not degrees.

Are you looking to change direction at all or do you want to continue in project management/programme management/change management arena. MBA's seem quite broad perhaps more suited to a change than continuing. Are there other courses more suitable for your arena if you want to stay in that - (lean sigma and prince used to be popular among PM's)

I am sure it could be rewarding but depends on your motivation for doing it really.

I hate being torn between things though and would rather not do than not be able to devote as much time to it or job as would like so that does influence my answer.