Being at purchase right now, I can tell you that yes not doing musicals does suck but at purchase there are tons of contacts constantly being made. Because we are so close to the city, the teachers here also work on Broadway. You can't get that at Emerson. We also have a huge Opera here.
Katek - I disagree with your opinion. I'm a student at Emerson College, and will let you know that Emerson also has professionals working as teachers and on the staff. For example, take Rafael Jaen, Scott Pinkney, or Ron deMarco. They all have active careers outside of Emerson College, and pride themselves on doing so. I have taken classes with Rafael Jaen and Ron deMarco, as well as Debra Acquavella. Debra Acquavella is the advisor to the BFA Stage Production/Management majors, and she is currently stage managing at CATF this coming summer. Deb has worked on Broadway, as well as Bonnie Baggesen (who is also part of the staff at Emerson). They constantly give student stage managers, who want to go the Broadway route, advice on how to achieve their goal. They also understand that Broadway is not the end-all and be-all of a stage manager's career, and are always open to offering advice on other stage management options as well.
As for the experience that you can earn in Boston, I interned at Boston Ballet my sophomore year and stage managed (or ASM'd) shows outside of Emerson College starting the summer after. As for the Opera experience, BFA Stage Production/Management majors have pursued internships with the Boston Lyric Opera and Opera Boston.
As long as you're willing to do the legwork, Emerson College is a great place for the experience, the teachers, and inevitably the contacts. However, I understand that it is extremely expensive, and I agree that Purchase is a good alternative in terms of money.