Penelope Trunk seems to think so. I'll need to do some processing here, but I wonder how much applies to me. For one thing, if I want to start working for a college, then I think it is far more of a credentials-oriented world than her very valid points about succeeding in business without an MBA.
However, a lot of the points resonate, especially the part about committing to a career for the long term without knowing what career you want to commit to. Unfortunately, I don't think that many employers see the world as she does. They think pretending to commit to a career for life is a very good thing, even though we all realize that's sort of a farce.
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