Yes, I think it depends on whether you are more focused on practice or academics.
That said, I got an MFA in Dramaturgy (not at Yale, but at a very well respected program) two years ago, and have not found work. And the degree was VERY expensive. Now I am looking into getting a MA/PhD to expand my employment options to teaching in addition to dramaturgy (which will not be harmed by additional education at all).
I attended Cornell for undergraduate and earned a BA in Theatre Arts there. I like that department very much. High production values, a caring faculty (though there has been change) and staff. Ithaca has two very good theatres (Hangar and the Kitchen) which offer production opportunities, and Cornell has a good student theatre culture. I love that institution, and liked it more than the other Ivy League institution where I studied for my non-Yale MFA. The department tended towards the careful and conservative, production-wise, when I was there. However, new faculty members might be helping. Additionally, student action which started at my time actually had strong impact on the seasons the department planned.
I wouldn't trade my time at Cornell for anything, and if I hadn't gotten my BA there, I'd be looking there for my PhD. As it is, I'm stuck in NYC for a few years at least, and will have to apply to programs there.