I am finishing my undergrad degree, and am interested in doing MBA in Info Sys. 

I have two questions:
1) What are the benefits of doing an MBA? I mean to finish an MBA
program would cost me around $40,000 CDN ($30,000 US) - will I get my
money's worth? How much knowledge should I expect to gain from doing
an MBA?

2) What are the pros / cons of doing an MBA online(!!!) at my own
pace? I was considering Athabasca University for this, as it seems to
be the only one accredited and prestigious voted university that
offers online MBAs.

I mean it sounds kind of awkward to do MBA online, as I was told the
whole point of doing an MBA is for the sake of making contacts with
your peers and not so much the learning.

Let me know & Thanks.

As a recent MBA Grad, I'll say this...whatever you learn won't take
you to far. In reality, what matters in the name on the diploma. If
you have "Harvard" at the end of it, you are much better off, even if
you learned more, than say "University of Phoenix."

The reason being, and the whole reason for the MBA is so that you can
use it to get higher ranking and/or better paying job. Anything you
learn there can be learned in a book costing $5, not $40k.

The other value of an MBA is networking. If you make friends with lots
of successful people, you'll be all the better. Hence, the online
route isn't that good.

For someone in IT, an MBA means you are pressing buttons. You're
directing other people to. It's being the maestro with better pay.

My advice for anyone thinking about an MBA:
1. Aim for the best school you can possibly get in to, not the most
convenient. 2. Pay REALLY close attention to the Career Center and
what kind of jobs they have for you.
3. Find out what the average grad is making from your desired school.
If they don't have that data, then they aren't worth attending. If you
find out people are averaging at least 10k more than what you are
making, then your ahead of the game. You'll have made up your
investment in 4 years, which isn't that bad, is it?
4. Buy your books from online book sellers. They are nearly 50%
cheaper than your bookstore.