Currently a MBA student at Stanford Graduate School of Business, I'm also bootstrapping a startup with two CS graduate students and a seasoned designer. As an entrepreneur, I can definitely speak for the benefits that Stanford GSB provides:
(1) The Stanford and Stanford GSB networks are both phenomenal. Alumni are very accessible and connected with the school. Classmates are highly collaborative and bring contacts from almost every industry you can think of and want to learn about. To start a business, access to relevant networks is critical and GSB provides that.
(2) Entrepreneurship classes taught by experienced industry veterans. Some of my favorite classes are taught by serial entrepreneurs, famous venture capitalists, or legendary executives including Eric Schmidt, Andy Grove, Mark Leslie, Andy Rachleff, Audrey MacLean, Mike Lyons, Joe Peterson, and Harold Irving Grousbeck, among many others.
(3) The roster of speakers that come to speak both at GSB and other parts of Stanford is extremely useful for entrepreneurs. Classes and clubs invite speakers including Ron Conway, Peter Thiel, Jack Dorsey (founder of Twitter), Shawn Fanning (founder of Napster), Chad Hurley (founder of Youtube), Aaron Patzer (founder of Mint.com), Mark Pincus (founder of Zynga), and many others. STVP (stvp.stanford.edu) and ETL (etl.stanford.edu) are two other great resources. As a student, you can even take the initiative as a club leader to approach some of the most successful people in the valley to come speak.
(4) Stanford GSB has a Center for Entrepreneurial Studies which organizes seasoned entrepreneurs, angels and venture investors to hold 1:1 free advisory sessions with entrepreneurial students to discuss their startup ideas and help students build the network. I've personally found them very valuable.
(5) Many successful alumni who are entrepreneurs, active angels, or venture investors often hold intimate networking events, such as as small group dinners, to meet with entrepreneurial students. It's another way to network and receive feedback on your startup idea!
(6) The school also offers classes in which students across business school, engineering school and other schools can work in a team on a startup idea together. Some of these class projects continued as startups after the class.
Overall, the best value is the access to investor, entrepreneur and industry networks, the ability to meet other entrepreneurial students, and to receive advice from some of the best entrepreneurs in the industry.
Seriously? Did you even read TFA? The guy is saying that undergrad business majors are asinine. Probably true even at Stanford. What this has do with with a nameroll of 300 rich people you're paying $100k a year to rub shoulders with, I haven't a clue.
We all have to admit it. Network is important for one to succeed in business, in addition to raw talent and a great product. I'm not saying you can bypass the second two factors with just a network, but with a strong network, it only helps. Someone can help you introduce the product to the world and someone very smart can give you great advice, if you don't fool yourself into thinking you don't need mentoring from some of the best in the industry. I've learned a great deal by seeking advice from these leaders.
I wasn't completely sold on a MBA before coming to GSB and that's why it took me longer to come than average classmates. I almost didn't come, with the same perspective you may have.
However, having spent 1.5 years here, I think it's really worthwhile even though it used up all my savings prior to business school (yes, it's expensive). I did actually learn valuable lessons from many industry veterans who are sharing their many years of learning with us about sales, marketing, management, finance, entrepreneurship, VC, etc. Believe me, I'm a stronger believer in learning from doing it, as I'm currently building a business while in school. However, the learning and mentoring I receive is phenomenal to complement this and the network is extremely valuable.
Overall, the best value is the access to investor, entrepreneur and industry networks, the ability to meet other entrepreneurial students, and to receive advice from some of the best entrepreneurs in the industry.