Hi
Based on information that I've gathered from various MBA forums, this is a summary:

1) Edinburgh is a top class university and it's a privilege to be a part of this University.
2) Edinburgh business school however, is not as good as its other departments mostly because the curriculum is very academic and hence theoretical. The quality of education is good though.

My personal take on this school:
1) MBA is not an academic pursuit, hence, the name of a great University might not do the wonders for you. You need to acquire practical skills to be successful in the corporate world. The reputation of the business school matters a lot more...for example Warwick University - not a famous university but has a world class business school and is one of the best in the world.
2)EBS is declining steadily in all gobal rankings. That doesn't necessarily mean that they are getting worse. Might be the others are doing better or might be they do not care much about rankings.
3)I know quite a few EBS grads who had a tough time looking for jobs. It is very much possible that I got in touch with the "suffering" sample and the overall picture is a whole lot brighter.

I don't think you can go very wrong if you choose EBS, but if you have offers from business schools which are better reputed but from Universities not so well known - prefer that over EBS.

Hope this helps.

Thanks
Anirban

@ Dulsban,i think you are mixing it up.University of Edinburgh business school is different from Edinburgh buesiness school-Herriot Watt. While the former has appeared in FT rankings over the years, the latter has not at least for once.Personally,i think University of Edinburgh MBA is not as recognised as MBA from schools like WBS,MBS,CASS and the likes.Strathclyde has a better standing compared to Edinburgh.

My bad! Was discussing Edinburgh University this very morning and the name kinda jumped up on me.