Most european b-schools require 2-3 years work experience minimum. i think it would be in your best interest to work for a few years before applying for your MBA.

Agreed, I think the basic theory behind MBA programs is to help people develop real-world experience, without any experience it's hard to develop it!

Paranjay,
if you don't have work experience, I wouldn't think you can contribute much to yourself and your peers.
Because your mindset is still very ideal.

In real-life working environment, almost everyone is a crook.
Your line manager used your work to promote him/herself, your colleagues are trying to back-stabbed you, your managing director is workaholic a**-hole, the CFO is "cooking" the balance sheet legally.
Sometimes you do 4-5 days of work and only rewarded by the scolding of your boss.
Btw, I work in banking industry. But overall, it has been a rewarding experience.

If you have 2-3 years of working experiences, and after finishing an MBA program, you would understand how was your previous employer succeed or failed.

Just to give my experience, last week the dean of INSEAd taught about Return of Marketing Investment.
I would expect he would brought something new, but instead he only taught about time-value of money and corporate finance, which I though were out-of-context.
And it's funny how a proffessor taught basic finance to a group of seasoned financial managers.
Basically, it was a total waste of my 2-hour.

The point that I want to send across is if you have some work experience, you will know the gaps or holes of what the proffessor says.
And, in the end, you understand more than just a basic concept you learn from the MBA program

Aside to zerodefault,
You have mentioned that ESCEM distance learning program based on harvard model.
But Harvard model is a case-study teaching method.
How can you do a case-study discussion online?
I'm not saying that it is not effective. It's just that this is new to me.