An MBA is definitely still useful if you have a finance/business undergrad, even better if you have work experience. Even if not, it really is a ticket to the management level in the corporate world, and to all sorts of opportunities on Wall Street (like my cousin the bond trader whose UG degree was in anthropology). Not necessary for entrepreneurs, but people like CFOs, COOs and CEOs more than likely than not have an MBA.
I think a JD is more of a waste of time than an MBA if you are not going to practice law. Read the beginning of the Montauk book for in depth discussion. That said, I do know a couple of people who went to work outside the law after LS, in one case, the degree was helpful, in the other, I don't think it was.