Thank you all for the input!
I think all Universities have a few higher degrees that are cash cows, although the MA in Religion is definitely not one of them. The Divinity School at Chicago is one of the top 3 or 4 hubs (if not THE leading) for the academic study of religion and its various spheres of influence.
Where did you hear, however, that University of Chicago is notorious for cash cow programs? My only understanding of it is as one of the most academically rigorous universities in the nation.
But to get back to the difficult (or maybe not?) decision:
Chicago was my number one choice and if I were to attend Wake Forest, I would be reapplying there in two years for my PHD.
If, lets say, i were accepted into every MA-PHD program in my field (Harvard, Princeton, Oxford, Texas, Chicago, etc), and all variables were equal, Chicago would still be my number one choice due to the strength of the program, long term prospects, and educational experience.
The only debate is economic, which of course, is a very difficult thing to get around. Its hard to justify any decision that will put one 40K in the hole, particularly when his current savings is approximately 1/40th of that (lol). And, as someone stated, Wake Forest is a pretty good school, although their MA in Religion isn't well known. In addition, while the MA program at Chicago is unique in its student's abilities to move into the PHD program (as stated before), it is not a guarantee that one's areas of interest will end up fitting with the faculty after finishing the MA, and they will have move on to study elsewhere (or, the case that the person just won't do well and won't be allowed to move forward).
However, it may also be the case that the MA program at Wake Forest simply won't have as much weight later one when applying for PHD programs, and the extra debt incurred at Chicago may be worth it due to the better long term educational/job prospects.
I have a headache now after writing that.
By the way, what do you mean by "made the switch?"