1. It is really how for driven and greedy, (please don't neg me), people to channel their energy into money making, as that is the emphasis.
2. The brand power. It will unlock you doors just b/c of the name, especially in the corporate world. Think of it, nobody will get fired b/c they hired a Harvard grad, just as as nobody will get fired b/c they use java, or xml.
3. Connections. Lot of smart people, and some of them will be bound to be somewhat important one day, so they can help you out. the proverbial old-boys-club kinda of thing. This was true, especially during the wall street's financial bubble madness.
To get a inside look, check this out. It is a good read.
If you are looking into technology/mobile/internet companies, I am not sure I could recommend it. HBS doesn't quiet get tech. Since you are working with case studies, you by default are looking/studying the past, and not the future.
For traditional businesses, yes. Fedex was started there (as a class project), so my favorite dessert place (Finales).
Disclaimer: I haven't gone to HBS, but I know people that have, and have been to few of their classes as an observer, and took some classes at Harvard Extension. (part of fas, not hbs), but who were taught by HBS professors..