The podcast I was listening to touched briefly upon a topic entitled: "The MFA is the new MBA", in which the MFA stands for Master of Fine Art. It argued that in today's business world, MFA's innovative and out-of-the-box thinking is highly sought after and an MFA can prepare people for business career as well as, if not better than an MBA. A more detailed content can be found at:
http://conversationstarter.hbsp.com/2008/04/the_mfa_is_the_new_mba_1.html

I like the line of thought pretty much, and quite honestly, being a long-time engineering student, I can clearly see what is missing in my own education. However, I believe the argument can go both ways, or rather all the ways. For example,
The PhD is the new MBA
because
1) Independent and logical thinking-I guess no one will argue with this point
2) Ability to deal with failure and frustration-Five or more years of your best time working on obscure matters that most likely nobody has done before, I can see an abundant supply of F&F coming
3) Presentation skills-if you have ever written a paper or presented a talk, you know what I am talking about. A Cornell alumni who got his Physics PhD and then headed to the business world once told me the advantage of getting a doctoral degree in Business is that you have a superior bullshit detector, therefore are not easily fooled.
4) Negotiation skills-who doesn't have a boss?

Also, the NBA is the new MBA
because
1) Teamwork spirit-nowadays the players have learned their lessons, so no matter how self-centered they really are, the credits are given to all the team.
2) Decision making under pressure-I can only say it is an instinct.
3) Leadership skill-Kobe Bryant may not be a very good example, but I can't spell other players' names without opening a new web browser.
4) Play your enemy-Facing the other team on the court is not as easy as it looks. I am guessing if the wall street elites were placed on the same trading floor next to each other, you might need more referees to control the situation.

And it goes on "the JD is the new MBA", "the MD is the new MBA", ...

Or looking from another direction, if we have proved that the statement "xx is the new MBA" holds true for almost any profession, it is safe to say " the new MBA is xx", in other words, MBA is no more and no less than any other degree if you do it right and really put your time to learn something.