I got an MEng in Engineering Management directly after undergrad (studied computer engineering).
In my school, the MEng program was only 1 yr. A lot of engineering undergrads decide to stay an extra yr to get the MEng. It's almost like a 5th yr of undergrad.
For me, I used it as a transition from a very technical background to something more business-oriented. As such, I took the majority of my courses from the bschool. Most others in my program took largely engineering courses.
With that said, here are the main differences between the 2 programs...
* MEng is 1 yr, MBA is 2 yrs
* MEng is largely full of engineering students who just finished undergrad; MBA is full of students w/ several yrs of work experience and varying undergraduate degrees
* MEng course work (for Eng Mgmt) is very flexible; MBA courses are mostly taken from the bschool
After I graduated, I took a job in consulting at the pre-MBA level. This probably doesn't relate to you, since you will be an experienced hire.