I'm in a project management class for my MBA program. I like the discussions and case studies, and to hear people's perspectives on project work. I've being been doing projects for a while, so it's nice to have a framework on which to hang my observations of project life.
One of the things I've found is that I can now pretty easily sort people who have project management training from those who don't, and people with project experience from those who don't. It's not just the jargon, it's the knowledge of things like tradeoffs and how to work with customers. It's good to have knowledge of project methodology when you go into a project, and to know who shares the same background.