Yes all very good points and whole subject has been done to death.
Of course "years ago" can't have been that long ago as I never encountered the "essay". As with any selection process promising nothing for something ($70,000+) you have to carefully research what they are offering and hold them accountable through the interview and question time. Lets be honest the whole selection process is a ruse and you need to take control and satisfy your own expectations on what you want out of it.
I fear as time goes on the Massey programme is getting less and less like value for money and more and more like bullocks.
Note: I am not entering into a debate on the Massey programme as such, just the viability compared to other options since I did it.