I'm struggling with the same decision, but think it is worth it in the end. The bay area network is small but can be slow to penetrate on one's own. CCA has a huge faculty and initiates a lot of contact amongst student/faculty on a weekly basis, which can't be bad. I also do think galleries pay attention to the MFA shows - it's often how people get contact beyond juried shows. In the end, it's how you take advantage of the situation and the opportunities presented. Having left an MFA program a decade ago, I've had enough time to see that MFAs do provide a benefit, albeit an expensive one.
I'm also operating under the belief that with diligence on my part there are resources out there to get the 2nd year more fully funded (both from CCA and outside sources).