Very true about high debt load and what that means for a dev career. From what I gather, though, the nice thing about the MSFS is that while it certainly opens up doors in development, you're by no means limited to those positions. Not sure if private firms will continue to recruit at SFS in this economy, but in the past graduates were hired by lots of places that paid fairly well. So yeah, while immediate entry in a dev position may be difficult with a high debt load, you can certainly aggressively pay it off for a couple years and then segue your way into the kind of work that you want to do. Maybe load up on quant courses while still specializing in ID.
From the theory vs quant angle, though, MPP programs are probably the better bet.
Anyway--to answer my own thread, got an e-mail today from the program inviting me to an online chat. I guess this confirms that they have my application.