Thanks to Mari for sending me the link to this article about the pitfalls of MFAs (or rather the pitfalls of having an unrealistic expectation of what having an MFA can do for you in the job market) at The Missouri Review blog, in an article by Michael Nye entitled The MFA Degree: A Bad Decision?.
Nye cites Seth Abramson's annual ranking of MFA programs, and is later engaged in discussion with Abramson in the comments section. I would strongly recommend that anyone considering an MFA or MA or PhD in creative writing or literature read this article through the comments to get a look at the prospects in the job market, and also get an understanding of what an MFA can provide you, if not a job. It's not that the degree doesn't have value; it does buy the writer time to write, and it does extend validity to the writer (in his own mind as well as in others). Having a reasonable expectation of what you can get from an MFA will only make the decision to pursue such a degree a better one, both for those who decide in favor and those who decide against.