Septimus and Shea: I've also been offered a spot in the MAPH program, I've been thinking about it a lot, and I think I've come to some good conclusions that might also be helpful for you to think about. I have a fully-funded spot in the PhD program at Santa Cruz, and first or second in line for one at Davis, so I'm having trouble reconciling my dream with the following realities: 1) it's not worth it to pay for this MAPH program when I have two non-terminal programs willing to actually give me tuition and money to live on; 2) it's incredibly more competitive to try to enter PhD programs with a Master's already in hand, or so I hear, and I assume it's moreso if the MA isn't actually in English itself; 3) the website for the program says they will basically never accept you into their own PhD programs from the MAPH program, so if Chicago is my dream, would I really be happy just getting an MA outside of my field from Chicago and then struggling to get into another non-dream school? Are there other options, like doing post-doc fellowships there, etc.?; 4) I would have to work nearly full-time at some unrelated crappy job to fund the MAPH, when I could, less stressfully, make money to live and gain valuable and necessary teaching experience at the same time through a TAship; 5) the MAPH program has over 100 people in it, and I'm not sure, actually I'm totally sure, I don't want to be in a program that large--I want to feel like I have some sort of community; and finally and maybe stupidly but honestly 6) although it is in some ways an honor to offered such a spot, in others it's a huge let-down; I would always feel like an underdog there, because I would obviously take English/Comp. Lit programs through the program, and so have to sit alongside peers who actually got into the program to begin with; I could be, somewhere else, feeling awesome about being one of "the chosen," picked for my actual interests because they are in common with those of specific faculty, instead of feeling awful about being sort of lumped in where my interests and qualifications fit, but only after having gone through the strainer a couple of times.
Phew! I didn't even know I had thought of all those things. Obviously their MAPH is a prestigious program, and for some people it might be just right and awesome and wonderful, and I might feel completely different if I had been giving funding for it; but I think if you know, for sure without any doubts, that you want to be a professor of English/Literature, and/or if you already have debt from undergrad, it's better to go for a funded, non-terminal spot that will give you a better chance of actually achieving the PhD, give you teaching experience, and not force you to shuffle books around at Borders for $9.00/hour, 30+ hours a week.
That being said, let me know what you decide or if you know something to the contrary of this loosely-assembled opinion--I'm interested to know what people choose to do with this amorphous MAPH deal.