hey pete... i've gone through the elite program and have been in the MB field for 2 years now.
i'm not sure what you mean by a mandatory unpaid 40 hour week at a dealer though, because i never did that and as far as i know you don't have to do that still. In fact it was against the rules just to contact an MB dealer when you were in the school (until the last couple weeks when you send out resume's etc)
but anyway to your question... if you want to get started in an MB career with all the technology out, imo the elite program is the way to go. BUT, that's not to say i think the program is all hunky doory. the program is what YOU take from it. We've had a guy get hired from the program, he lasted about a month before getting fired, he was just awful. and when i go to the update tech training, i talk to alot of guys and there are alot that have horrible experiences with elite grads. You have to be ready to learn alot more when you first start at the dealer, it'll probably be overwhelming at first but you'll get into the swing of things after a while.
the elite program teaches you the basics... it teaches you how most of the major systems work, teaches you how to operate the diagnostic equipment, and teaches you the manuals, online stuff etc.
I worked in an independent shop before going to elite... i was pretty comfortable there, did pretty good and made good money too. But i'll admit, it would've been a huge jump to go from that straight into a MB dealer. that's where the elite program helps.

i'm kinda rambling... but i hope this might have helped a little. and if you have more questions just ask.

ps- i don't know if you've ever worked at a shop before or not??? if not i'd really recomend at least a part time job in a shop beforehand. and start buying tools now, but don't waste your moeny on dumb stuff either, get things you'll actually use. example, we have this new elite grad, been working with us for about 6 months. he doesn't have crap for tools. And it's because he wastes his money on stuff like a 400 dollar electronic snapon torque wrench. while in the meantime he doesn't even have any hex sockets, air ratchet, etc. moral of the story, he could have got a cheaper torque wrench, and with the money left over he could have got alot of necessary stuff he doesn't have.