I'm doing an MA right now and I'm finding the experience really valuable, mostly for 2 reasons: 1. my field requires a lot of foreign language training, and I've managed to learn a new language and improve in all my other languages during my time here, and 2. I've made amazing connections to faculty here. The relationship between a grad student and his or her professors is completely different from the one between undergrad and profs, in my experience. Being an MA student in a small program has allowed me to forge real friendships with very encouraging, supportive and intelligent professor/mentor/advisors who have helped me IMMENSELY in applying for a PhD this year. I also got to enter the world of academia in a way I would not have been able to without being in school. I've been out of undergrad for 2 years, and without access to a university library it's difficult to do any outside scholarship.
So I guess what I'm saying about my MA is that it's not so much about what classes I took, or what I "learned" per se, but who I met that has made the experience so worthwhile.