The article neglects the networking aspects of getting an MBA. The connections you develop while getting an MBA is often described as the most valuable element. Paying a large sums is what is both right and wrong about an MBA. Networking is important, I am just not sure if it is worth a 200k tuition.
Maybe if you are also expanding your network while building your iPhone application to investors and fellow hackers, you might be indeed getting most of an MBA for $99.
You are raising an important point. Let's say half of the value of an MBA is in the teaching of business, which the article covers. The other half is in getting the diploma, the network and the brand recognition.
I guess my view is that for the average MBA person, whose goal is to get a high-paying job in a mid-size to Fortune 500 company, the piece of paper and the network are very important - go get the formal MBA.
For the 1% of hackers who like to get ahead of everyone else and take the fast lane to life, the App Store is an intriguing approach. More efficient.
Maybe if you are also expanding your network while building your iPhone application to investors and fellow hackers, you might be indeed getting most of an MBA for $99.