I, too, have found myself in a similar situation this year. Have indeed made a decision, but still with what-ifs in my mind. 

Although this thread is surprisingly quiet, I do have a feeling that ughbaguette and I may not be the only ones.

Any comments anyone?

Hey there, the only thing that would make me doubt is that you only have 1 year of professional experience. My experience is this: I am doing my M.Arch this fall but I have had 3.5 years of experience accumulated. I feel 3.5 years have given me solid enough foundations to go to the M.Arch with a clear idea of where I want to direct my studies.

Do you feel you are ready for your masters? I would not give to much importance to wether the degree has prestige or not, but what you will make out of it. I would suggest that a couple more years of professional experience will make you get the most out of a masters. Just keep the portfolio updated and current as you go. I am sure they will admit you again in a year or two. 

Anyway, that only my point of view. 

Thanks for the responses.

I have ultimately decided not to attend. My thinking is very much in line with yours and I have decided to continue working and develop ideas on my own in preparation for masters in a year or so.

ugh - before you turn in the letter, send me an email offline. i was in your same position - same degree, same experience - (granted, it was more than a few years ago), but i'd be happy to share what i've learned looking back.