This is a big deal for us: AACSB accreditation puts us in the top tier of business schools nationwide. AACSB accreditation isn't terribly exclusive, but it is composed of all the name schools and the wannabes.
Interestingly, our school appears to be the smallest school with graduate programs to earn this distinction (currently we have 23 full time faculty members).
There is also a good deal of personal affirmation in this. I didn't particularly want to move away from the more prestigious schools that I had worked at. But, I thought I had accumulated enough professional capital to make a go of it in an unaccredited school, and to help them out as they stretched for accreditation. I think I could have done a whole lot more to help out around here, but we cleared the hurdle, so I'm happy.