Adcoms really prefer younger folks particularly if they have a lot to choose from within a certain occupation (i.e. IT or consulting or IT consulting). You'll have a tough time (not impossible, but very tough) getting into a top full-time program in your early 30s as an IT professional.
Also, from your perspective it also depends on what you're looking to do post-MBA. Keep in mind that the majority of recruiting is for banking or consulting, both of which are age biased (they prefer them young and single). Of course if you're still looking to get into either of these two fields, then you really should focus on full-time programs even if it's an uphill climb (both for b-school admissions and banking/consulting recruiting).
However, if your interests aren't in either (i.e. you're interested in product management or industry jobs), then a part-time or executive program may be a better fit. Plus, in this environment you get to continue working which can mitigate the risk of going full-time and forgoing income in the process.
At your age, I really suggest keeping your options open - really look into part-time, executive ed programs in addition to full-time programs (and also the possibility of forgoing an MBA altogether).
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com