Scoot, an MA isn't really worth it now for communication design if you're talking employment alone (10 years ago maybe...)- if you were a product designer then there this is argument to support staying in education. But for graphic designers and communicators it's just another way of putting off the inevitable internships.
To be perfectly frank - doing an MA at the RCA will probably narrow your sphere of work (and therefore your employment prospects after). If you want to design art catalogues, curate and do self initiated projects a la James Goggin then it's perfect for you, however the cold hard facts are that kind of work is intrinsically linked to Art, and in the current economic climate, art isn't looking too hot. That kind of work is thin on the ground at the moment.
I know the course will be going through significant change under Brody, however change of attitudes and change of the expectations of the type of student applying will take time. Probably not in enough time for you.
While it has produced interesting work, the MA communications course at RCA hasn't consistently produced any actual designers 'of note' from that course for a very, very long time (with the odd exception - Goggin, Barnbrook, Astrid Stavro off the top of my head.. but all produce certain type of work which will not filter into the public domain much - we're not talking Rand, Vignelli or Beirut are we?).
There's certainly a place for education and it can definitely be a wonderful enriching thing - but don't kid yourself into thinking that it will bring you any closer to your dream job (or indeed any) when you leave.
Well... this^.
Inflation of Education.