From my perspective, the whole EFL thing will go through so many dramatic changes over the next years that if we make decisions now, based on how it appears to be at the moment, we may well have made a mistake.

And then there's the ESL thing back home. I can only speak from my experience in America, but I know for sure that an MA from a respected and reputable institution well get one further than otherwise. And it must be realized that many people want experience abroad to further their chances of landing a decent job back home.

So, granted, if you get an MA from a "run of the mill" institutuion, you'll likely get a decent job abroad; however, in the long run, given the possibility of change, and considering that you may want to teach at home someday, it may not be such a good idea.

Having said that though, I don't think one should spend an arm and a leg on a Master's program. It could be that your suggestion of walking the middle ground is pretty sound advice. My suggestion is to find an online program that has an on-campus component that goes with it. There are several reputable universities in America that offer such courses.

Finally, I hope whatever choices a person makes, that the choice is made not just from the perspective of how things will be for them - meaning they should consider that they will generally be teaching students who rely on them for quality instruction. I say "generally" because, as you've seen, there are places where kids are forced to learn English when they have no desire to do so.