When people ask me about what to look for in MFA (Master of Fine Arts in Creative Writing) programs, I often draw a blank. Many programs like to flaunt their "celebrity" staff writers and the success of their graduates, but I don't believe these are reliable indicators of a quality program. What should prospective enrollees look for when examining a program's offerings?
A good reputation amongst actual recent alumni is the most telling factor, I've found. Most universities' published ratings can be a bit outdated and/or based on criteria that looks more impressive on paper than in the actual classroom.
That said, a program's worth is often subjective, relative to what the student is looking to gain. Some programs have a heavy academic bent, while others focus on industry connections etc etc. So I suppose one way to begin to answer your question is to decide what you're looking for yourself...(Do you primarily want to learn a lot about the theories of writing? Or do you mainly want tips and tricks towards becoming published? etc.) Start with that, and you'll help yourself narrow the field a fair amount. (And then you can go about researching what recent alumni have to say...)
The Creative Writing MFA Handbook has a lot of useful tips for students interested in a creative writing MFA, including what to look for in, and how to pick, MFA programs.
If they require that you have a book that is published they have some faith in the competence of the staff AND the students they select. If they have a list of the students who have graduated and their published works and where they are currently employed even better.
If they can't point at a majority of students who have been successful then I suggest you keep looking. The object is to improve your skill set and have a career- not to make the school richer.