I have Durham and Nottingham, Exeter, Glasgow and Leicester offers and the research I have done hass confused me more than it answered questions.
Durham MBA
Pro
Durham is now triple accredited and Times 2010 ranking gives 8th place, Guardian 2010 gives it 14th place, FT 2009 places it at 80th but this was before they were triple accredited so I am assuming Durham is going to jump the rankings in FT next year like Stratclyde jumped after it received triple accredition, they have companies like KPMG, Accenture, Barclays, LLoyds, BP recruiting MBA's. Oldest going by the history after Oxford and Cambridge.
Against arguments
They haven't consistently made the top lists for last 5 years, university is not campus based like Nottingham, Durham is a small city compared to Nottingham and London. Based on the tidbits on the blogs, I could find I think MBA is not paid as much attention by the university as compared to say Nottingham MBA, I welcome criticism on this point.
Nottingham
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MBA has consistently made the top list, research is better than Durham, Has broader ranking coverage by beyondgreypinestripe and rae. Better campus and thought out MBA program. Better local internships/jobs as city is bigger than Durham.
Cons
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Has slid in rankings lately, apart from coprporate social responsibility, no leading programs. Durham scores over it in most of the forums. High number of asian students who are considered a liability than asset(general feeling in the west) to a business school.
These are my inferences from my own research and would love to know other viewpoints. Good MBA hunt to fellow aspirants.
Go 2009 MBA!
youngbull