I think top program may hold more weight if you go for an MBA, but I don't think it's a deal breaker if you don't make it into a top program. You'll hear all these skewes about how top program graduates average 150k one year after graduation or whatever, but they fail to mention that most of these guys already have 15+ years of experience and were likely making 6 figures before they even entered the program.
My brother in law is in a top program right now and graduates in the spring and he is struggling on lining up a job when he graduates. He told me he doesn't even care about class or school right now and he skips it all the time in order to attend job fairs all around the country trying to secure a position for a company. He said tons of people at these fairs are MBA graduates from one or two years ago that still haven't found a job. The competition is tough for MBA's right now.
In my opinion an MBA is great to have if you get lucky and happen to be in the right place at the right time and know the right people. If you don't catch a break and are able to garner a bunch of experience it will be tough to infiltrate into a real high paying MBA executive style salary because unfortunately MBA's don't really have any hard skills to market themselves with. Your hope would be to get a middle management job that any bachelors holder would qualify for, and hope to rise up the ranks. Of course your chances to attain that $50k middle management job are probably greater than your non-MBA counterparts, but this isn't the kind of job most MBA's are set on finding.
I think a masters degree in a specialized position may be of more worth in a lot of different situations, and also has the benefit of not necessarily requiring a "top school" to be perceived as worthwhile. I'm getting a masters in information systems from my state school. It only takes one year and costs a total of 15k. I'll be able to demand a raise of 15k right off the top, so it will essentially pay for itself in one year. I haven't even begun the program yet but I already have 3 job offers upon graduation (one from my current company to retain, one from a friend of my dads, and another from a guy in my neighborhood). None of these places would even blink an eye at me if I was getting an MBA, because they want to fill a specific nitch in the company that the MIS degree fills.
I may never make hundreds of thousands a year as a CEO, but I wouldn't want that anyway and can certainly merge towards CIO or CSO with my degree if I decide to leave the technical aspect and merge towards management.
It all comes down to hard skills, who you know and a little bit of luck.