re: Managers not MBA's

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Its still a good value, assuming you go to a good school. Lots of employers look for it, even if its watered down. if its a night school at a lesser school or 100% online, skip it.

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True, but I would add to this: it makes all the sense in the world if you want to start a new career, if you know what you want to do. What I would also say is that the MBA gets you three things (ideally):
1) A higher level of education that prepares you for the next level (caution: you'd be better off reading books and working your nuts off at work if you aren't prepared to study)
2) A network of people that you can use for subject matter expertise, business development, or job searches in the future
3) A first job.

I'll say this as a guy that didn't get an MBA but is in a career where it's almost a requirement (management consulting): You can get there without an MBA, but the road is harder and if you choose that path you need to actively manage your career and make difficult choices. You'll be paid less, but the gap in pay between MBA degrees and college graduates may never pay off if you don't work your balls off once you get out.

On the other hand, I have managed plenty of MBA graduates at work. What I find is that the guys that have an Ivy league degree act entitled and pretty much mail it in. The ones from top 30 schools that are not Ivy (e.g., Michigan, Texas, Vandy, Duke) have a slight competitive streak and blow the Ivy kids out of the water.

As for your situation, I would at least study for the GMAT and get in, and then make your decision - especially if you want to make a career change (presumably to a highly lucrative field such as O&G or Finance). At least you open yourself up for the opportunity?

Key would be to determine what you want to do and if the future earnings will really pay off for taking 2 years off as opposed to putting that energy into working.

What I wouldn't do is study to get into a top 15 school based without knowing where I wanted to end up.