I actually just finished an MA in CW in September as well as my undergrad before that, joint with eng lit.
I can only speak for the uni I went to, but they didn't really teach me much about anything, to be honest. Not in technicalities of how to write. We had one module which ran through week by week the beginning/middle/end, but that's pretty much it. The rest of the time was spent looking vaguely at some texts to see how they did things and (badly/mild-manneredly) 'critiquing' each others short story samples for that week.
It was four years focussed on short stories for the most part (nothing longer, but there was poetry as well as prose). With the modules being marked on a short 1500-2000 word story with an adjoining analysis of our choices and why we made them... But what i figured out they actually wanted for this last part was an essay on the engagement with literary theory, and how our story interacts with genre or plays with language etc. (none of which they explained to us in enough detail until the MA).
For the first two years some core modules involved poetry, which I didn't enjoy at all, I had never written/read poetry, and that Probably showed in the work I submitted for them... And they never told us any of the technicalities that go into poetry, more than running through iambic and it's ilk. I made sure I didn't choose a poetry module for my third year.
The MA however, I found much better. Maybe it was the smaller groups, or because the ones that do the MA they know are there for more than just 'reasons' etc. The teaching I found was much more in depth, we analysed texts in greater detail, and delved further into the stories themselves... Still very little technical speak though. And strangely I really enjoyed the two core poetry modules I had to do, because they spent time explaining things and running through things with us, that just didn't happen in the undergrad. We looked at a wide array of different types of poetry and were encouraged to try these types, which I enjoyed as well. And I actually learnt how to craft a good poem, although I know my tastes in the poetic differ from a lot of people's, free verse is my thing, I don't need specific rhythm or music in the lines, but I also want a story told... but that's another topic.
My point is the MA was, for me a good investment I feel.
Having said that, Over the four years never once did we get spoken to about POV, character development, etc... Only vaguely about structure and hooks (see beginning/middle/end). And one module was specifically for SFF, so not focussed on genre fiction isn't an excuse there. They were more focussed on getting us to critique stories, and as I said there was very little constructive feedback, certainly not on the level that is gone into here.
I think in the summer before my third year, I came back to the Chrons, and start to read the discussions here, and found a link to Brandon Sanderson's lectures... And they thought me more in 12(?) hours than I had in three years course. And just the Chrons in general has been so much more helpful in developing me as a technical writer.
But I will say that I developed my interests greatly during my course... I figured out what I like to write, and how I like to write it, and maybe I wouldn't have done that otherwise. On top of this having to write to a regular schedule and deadlines is only helpful, the more you write the better you get etc. But I'm a fast writer, so during my three years I drafted three novels, a novella and other shorts in my spares time, that's on top of the two dozen shorts I did for the course. It gave me time to write and grow and not be worried about life in general.
And for the most part i can see the great improvement in my work, and that has been appreciated by others with tutors and external markers encouraging me to strive for publication etc. and it can't be all that bad considering I've had two shorts published, one poem (another accepted and pending) and I acted as co-editor for an anthology that the MA students put together each year.
Overall I'm very happy with the work I have produced over the years, and think I used my time well, even if they didn't teach me everything needed.
That's my view anyways