Hmm...I have friends on the MSt course. I think they're currently finding it a little frustrating: apparently it's not significantly different from undergrad. I mean, obviously, the thesis is longer, but apparently the lectures aren't aimed at a hugely higher level. Then again, these are people who got their firsts with some distinction...
I don't know...I've always been a little wary of Oxford English because of the historical (rather than prac crit) angle - but then, I've been thoroughly indoctrinated by the Other Place.
Hmm, this is all sounding a bit negative. I don't mean it to. I bet it would be an amazing place to study - there are some amazing fellows there, and it's a lovely town.