I think Rashmi has told the truth but not the whole truth. First, Part time course from reputed institutes adds value. Even if there is nof formal placement data shows that almost 50-60% of the people change their jobs for better during a time span of 3 months to 9 monts after completing the course. But it greatly depends on where you do it. Institute does matter in such cases. Second, Even for part timers its about structuring your thoughts and provides a value addition infact more than what a full time freshers might feel. Infact, India is the only country where you dont need to have any experience for doing an MBA. A guy who does not even know what an organization is would study in his first terms About organizationl behaviour, Structure & theory. The Situtaion really calls for a indepth analysis of our selction criteria.
And i think in most of the institutes atleast the premier ones, part timers are infact respected by full timers. The problem comes in interaction mostly due to the fault of part timers where they dont have the time to spare with their already busy schedule.