I've thought a lot about this, but my opinion has changed a few times over the years as I moved from a "W2" employee to being self employed / contractor.
Originally the goal was to get a degree, preferably related to the niche I'd be working in.  It was pretty clear that many were going to school just "for the paper" and not to actually learn.
Being self employed knowledge and experience have been WAY more important than "the paper".  I've got my Bachelor of Science in Business Administration / Finance, but now that I'm self employed, nobody ever cares.
So, I decided I wanted to go to school and focus on the classes I wanted, and not some pre-defined course.  I wanted the classes I felt would hone my skills, not look good on paper.
Then I changed my thought process again.  There was a while that I was really considering going for my Master's in Business / Entrepreneurship, but then I realized:
1)  Lots of money
2)  Specific schedule requirements
3)  Huge time commitment with little flexibility
I realized that almost all of the "knowledge" I needed for running my businesses and consulting I could get outside of the classroom for much cheaper and less strict requirements on my time... IF I was disciplined enough to do it.  Keep in mind I'm also very disciplined when it comes to work and learning, I work and learn a lot, all the time (just ask my wife and kids)  
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So, there are a lot of variables, but for me, right now, I get a better ROI by investing in my own personal education wherever I might get it from vs. dealing with an expensive and ridged program that might not even give me what I'm really looking for or really need.
Does that make sense?