I love writing and it's something I'd like to pursue. I want to eventually teach at the University level and would rather get an MFA and then a Ph.D as opposed to an MA then Ph.D. However, I would also like to work in editing and publishing in addition to writing. An MFA seemed to cover the most ground and is the direction I am most passionate about.
I was just talking to people on a creative writing search committee and they were telling me the competition was _brutal_, I mean, far worse than any competition for English lit positions. Remember that there are thousands of 1 and 2 year MFA programs putting out grads every year and then a huge backlog of all those grads competing for the permanent jobs that are getting posted. I'm not saying don't go if this is what you want to do, but be aware that these programs don't really make you competitive for a university creative writing program on their own --- you'll want to get a couple books out and some top-level creative writing awards before really applying.
Have you been over to the AWP website or society?
If what you want to do is write, can you just start writing? Do you _need_ the MFA or can you try out freelancing before going into an MFA program?
I have very little experience with actually being in an MFA program, it's true, but the people I was talking to from the other side of the search committees were saying the number of applicants they were getting dwarfed the numbers I was hearing about for the positions I was applying to. Oh, and two of the postdocs at this place I'm temporarily working at now have MFAs on top of their PhDs and aren't having any more luck landing a tt job than me. I'll stop with the doomsdaying now. :)