If you are planning on going to industry right out of B-school, and this opportunity fits either the industry or functional area that will help you get to where you want to be, then take the offer and enjoy second semester without the stress of recruiting.

If, however, you are not looking to go into industry right out of B-school and want to do consulting, private equity or I-banking, then this would probably be a death knell for those dreams (depending on what you did previously to B-school).

Right now it is definitely a buyer's market when it comes to hiring. So, depending on your risk profile, you might have to consider taking something that isn't perfect to ensure that you have something.