Zefer the difference between US or European attitudes to MBAs and the UK is largely down to this notion we maintain and enshrine in this country that the gifted amateur can learn new skills, whereas the Americans tend to expect you to have qualifications suited directly to the role you are performing. MBAs have effectively filled the void for them as the consultancy qualification and has become almost as essential as the ACA or suchlike for accountants.
MBAs do hold recognition in the UK, it's just that we tend to look past it and at the individual rather than just the MBA; its a nice to have but not essential. It does seem to give people more confidence though, and - perhaps most valuable of all - a common vocab and tools kit which is common to all firms, and the alumni networks. With the global economy starting to look choppy it pays to think international opportunity rather than localised, so an MBA is an advantage in that respect right now. Can someone guarantee a ROI on an MBA in this climate? Unlikely, unless you are prepared to take the long view. But if you can afford it, taking some time out now to do an MBA is potentially a winning idea - the downtime will coincide nicely with a choppier market.
New Grad, there is a timelag in any firm - at present, with no experience, straight out of uni, you are - sorry to be blunt - borderline useless in an MC firm. Development will come when your seniors have stopped fighting fires and looking to sell projects and actually have the time to notice you sat on the bench. In the meantime, get out and about in your firm and network - let people know you want to get involved, find ways to be useful/add value even if its fairly menial. Eat what you kill time has arrived.