The Easy Path - B School and Law School

Megan McArdle says:  don't take it.  Instead, she suggests:

That's why it isn't much of a solution to the problem of distinguishing yourself in the labor market and gaining access to a limited number of highly sought-after jobs. And teaching yourself to go after what you want, and accept the inevitable rejection that comes with that, will add more to your earning power than anything they you could possibly learn in class.

Learning to handle rejection and knowing when to move on and give up -- incredibly valuable skills.