It seems in all these threads there's a whole lot of people that push a BA degree, so I'm gonna throw in my 2 cents as to why I chose (and love) my Conservatory program with a BFA degree. I'm about to be a sophomore at Webster University, btw.
I am completely, 100% sure that stage management is what I want to do with the rest of my life. I love theater, and I love the fact that I get to be completely immersed in it everyday. I love the fact that I don't have to waste my time taking gen ed classes. Yes, I realize that as a stage manager all kinds of non-stage-managerial experiences can be beneficial to you, but seriously, when are calculus or chemistry going to help me run a rehearsal or call a show? In a BFA program, I'm taking a whole heck of a lot of theater classes, and will graduate college without taking any math or science at all. Do I sometimes wish I had room in my schedule to dabble in other subjects? Sure. But in the long run, I'm glad that I'm devoting the bulk of my time to classes that will actually help me be a better SM in the real world.
BA/BFA argument aside, one great thing about Webster is that it has an ongoing working relationship with the Repertory Theatre of Saint Louis, a great regional theater that's situated right on our campus. We share all the same spaces (performance spaces, shops, etc), many of our faculty members are employees of the Rep, we students have the opportunity to work on Rep shows.... it's a great resource to be able to tap into. Next semester, as a sophomore, I'll be a PA on their production of The Pillowman. I love the fact that I'm still early on in my college career and already gaining professional experience that I can learn from, not to mention help build my resume.
I will say that if you aren't positive that this is what you want to do, or if you want to have a lot of free time, you'll want to look elsewhere, cause Webster's intense.... but if you really want to dive in headfirst, it's a great place to look into.
Anyway, I could go on and on about Webster (and will, if anyone wants to PM me), but I'll wrap it up for now. Good luck in your college search!