orion: I'm a MET grad from ODU. I didn't know the difference between the 2 levels (MET vs ME, for example) until it was too late (virtually nothing transfer over). I'll share with you what I've found out over the 10+ years in the field.
Many companies (especially research or aerospace oriented ones) will not view a ET degree to be equivalent. Also, I've experienced a "Holier-than-thou" syndrome from ME's. Smaller companies tend not to know the difference.
The basic difference, as I understand it is this: ME's study theory, MET's study formulas and applications. If you've heard the fish story (give a man a fish, he'll eat for a day, teach him how to fish and he'll eat forever)...I see two different takes on the teaching how to fish with respect to ME versus MET. Tackle a problem from theory or from established formulae.
No doubt, ME is considered a harder course (more abstract, more calculus). But how that affects one's ability to come up with real life solutions is, IMHO, independant of the coursework (i.e. it's you, not the courses). Book smart versus work smart?
Most companies will want you to have a PE license before they consider you equal.