I suppose if you want to get two MAs then it doesn't make that much of a difference, except maybe in the bank account. If you do choose to apply and get into a top M.Div. program, you have many opportunities to make it as rigorous and "academic" as you want it. As marXian said, this all really depends on what you want to do. At PTS, I've been able to take quite a few independent studies (critical theory and post-colonial stuff) and PhD courses at Princeton University (History and Religion depts.). The M.Div is flexible and can be "academic" if you want it to be.
Again, it really all depends on what you're looking to study and, ultimately, where'd you like to end up.