lol why would you want your M. Arch after you're licensed?  Go build real architecture

Are you normally prone to self-torture?

still didn't answer my question...

I doubt a license is an advantage in getting in...I bet most schools would frown upon it considering that a licensed architect would come in like his shit don't stink.

If you go in with an open mind and not acting like a total know it all, it wouldn't be the worst thing in the world...It would be a good way to re-ignite some fire for the work for sure.  

I applied for the MArch II after several years in practice and licensure.  My undergrad record had been, shall we say, undistinguished.  I was admitted for the MArch, and my hunch is that the license, work experience, and decent portfolio filled the academic hole left by my youthful indiscretions.

After paying an exorbitant tuition you might be assigned to study one of your own buildings? Probably pay the school an extra $20,000 or so a year and you could teach a course or two. See how it works?

Just out of curiosity why would you do this?  Are you planning on becoming a professor?

If its just for the learning spend the money traveling around and studying actual architecture all over the world.  You could see A LOT of the world for what you would spend for grad school.  What sounds better: I went back to school for two years and got my masters.  I took two years off and traveled the world studying architecture, context and culture.  

trade secret ;)