@Film_Freak
I'm not speaking of prestige in the formal sense when I mentioned the list of programs but the overall opportunities that arise. As for the selective nature of the Emory program that is mostly due to lack of funding for more students(not all of it). Emory is dedicated to the Sciences not so much the Arts. Again, take no offense at this but if you are accepted into another program then don't let the money sway you especially not for two years of tuition. Now for a PhD that is another ball game completely.
@Swagato
You are in a different situation than Film_Freak and getting your foundation at Emory might work to your advantage. However do not be fooled into beliveing the hype. MA's do not get positions at colleges even community colleges in the Film Studies departments, anymore. Take a look at some of the advertisements on The Chronicle or HigherEdJobs. They want PhDs or ABDs. If you have enough production experience then you might be able to snag a position in the television or communications departments. However even in that area you are competing against seasoned professionals(producers,directors,DPs) who will do it as an adjunct i.e. lesser pay on the off season. Not to mention the celebrity guest lectures and seminars which in some schools is the norm. The entire time I was getting my MFA I was taught by retired DPs, directors, etc.