Sorry, I've just come across this thread, having been away. Mazzy, your analysis of what to think about for a Masters was brilliantly clear.
FWIW, I've just finished the Creative Writing MPhil at Glamorgan, which is super-flexible but not simply distance learning: more like a PhD, in that it's small (8 students per year) and you get a tutor to yourself, and work out how you want to work between you, then it's email/phone/post, except for 4 workshop weekends in each of 2 years, and a week-long residency at Ty Newydd. The residencies generate a terrific creative heat. It's also relatively long-established (12+ years). Philip Gross has just moved there from Bath Spa, and it's already particularly well-known for poets (as well as PG, there's Sheenagh Pugh, Gillian Clarke). It does concentrate on poetry and short and long fiction. I paid each year's fee in 5 instalments, though you have to factor in travel and a b&b for each residency - you only need a night, or a friend/aunt/cave/hedge within striking distance of Pontypridd.
I thought it was terrific, though perhaps it best suits people with a fair idea of what they want to do, rather than a vague desire to write something. If you're feeling like being an academic snob, it's a higher degree than an MA, and could exempt you from the first part of a PhD (or at least, that's what I'm trying to persuade Goldsmiths'
Emma