Thank you all for the comments. They are insightful!
To delve into a few of the specifics, I graduated from UCLA in 2006 with a BA in political science. I have worked in the television and film industry since I was 18, I'm now 33, and transitioned from news media to professional photography over the last five years. While I do greatly enjoy my photography business, which mainly consists of family photography and portrait work, I'd much rather pursue photography in the documentary, environmental and photojournalistic realms. And, I can run my business while attending school. The school cost is $30,000 per year. Between grants, financial aid and my own money I shouldn't have trouble covering the expenses.
I'm in Atlanta, so the only school I am considering is SCAD (Savannah College of Art and Design). I'm not sure if any here are familiar with it, but its photography MFA ranks well.
A couple of my thoughts and benefits, though not all, in pursuing an MFA:
1: My skill set in the craft (photography, post processing, printing, etc.) will be honed and perfected. While I consider my work in all of these areas to be quite good (don't we all

, I think the benefit of focusing solely on the craft for a Masters will be a long term benefit as photography is my career choice.
2: The relationships with students and faculty are invaluable in the art and photography world. Seeking grants, finding work, generating leads, having a great academic, and local, resource to turn to when needed.
3: The job market may be a bit more accessible. While that is not guaranteed by any means, academic institutions have greater access and relationships with news papers, news outlets, museum boards, grant writers, etc.
4: I am interested in teaching. It is not my first career choice, but I may enjoy it and it can always serve as a back up plan.
5: Having a Masters is always better than not having one. Sounds silly, but another degree can't hurt anything other than the pocket book.
As to the field I am most interested in, documentary photography is really my passion. I include photojournalism because there are many similarities in the photojournalist and documentary fields. I'm interested in capturing the changing world, documenting the impacts of the changing world and perhaps, though it is very idealistic of me, in creating a small change for the better...even if it is on a local level. I love the industrialized world! And I don't mean that sarcastically. But I am very interested in learning, and teaching others, about the billions of people that are nothing like "us." And I am interested in the worlds that exist within our own borders, that almost mirror the third world. I love the idea of someone taking an interest in people and places that don't normally get noticed, except in pictures and on TV. So why shouldn't I be the one taking the pictures? And, with any luck, my work can knock at the door (creatively speaking) of great photographers in those fields, such as Sebastiao Salgado or Tim Hetherington or Steve McCurry. I can dream right haha?
I know that a Master's is certainly not necessary to be a successful photographer, nor is it going to make one a successful photographer, but that is also true of other fields. And I'm not seeking a Master's to become "successful," rather I'm looking to expand my personal knowledge, my life goals, my skill set, my working relationships and everything else that goes along with attending school beyond the undergraduate level.
I hope that clarifies things a little bit. Now that I've started the application process, and back to my initial question, the school wants a portfolio that contains 20 images total. In fact, their vague request for a portfolio is as follows: "Portfolios should include 20 images that demonstrate a mastery of basic printmaking techniques along with a developed body of work that is both conceptually and technically mature. The portfolio should reflect thematic development, experimentation and sophistication."
Once I have my final portfolio together I'll certainly have it reviewed and post on Lula for feedback.
Thanks again everyone!
JB