Yes, there is some watering down. But not too much. 2 Business classes are among the 'core'.

Honestly, unless you want to spend the rest of your professional life heads down coding (not that there's anything wrong with that), a degree like that sounds more useful than bare CS.

The overwhelming number of problems you'll encounter on most projects aren't technical: they're business and people related. And people skills are harder to pick up than technical skills if you don't already have them.

My MS is in Software Engineering and on a day-to-day basis I use more of the stuff I learned in Project Management and Quality Control than just about anything else I learned. Even as an embedded programmer, I've never needed the cool analysis techniquesI learned in the Real-time Systems courses.