Though both MS or infact a MTech are almost equivalent, but still the value addition is much as compared to the masters in US. A MS in a foreign university is anyday of much more value as compared to the IIT's. Being a IIT'ian , we really do not have those standards as compared to the MIT's or the Harvard's of the world. How ever if you are looking for more specific reply to your query, try logging onto www.voicetap.in . They are arranging for free calls from those who have done both MS and MTech from IIT. Voicetap shud help.
It is strictly dependent on which degree leads you to your personal career goals and objectives. It is not that one is better than the other, it's just that they are different in approach to a given field of study. First you must decide on your career goal. Once you do this, the path you must take will become clear. Make sure you discuss this with a career counselor at the school you are enrolled in.
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