One "change" we're seeing in the newly forming administration is the return of expertise and a respect for academic accomplishment. George Bush loved to brag about being a C student. Somehow I don't think that approach will continue in the Obama White House. And while good leadership doesn't require an advanced degree, it doesn't hurt to have some expertise. I put together this comparison of Bush's original team and Obama's so far (source: Wikipedia). I've bolded those with more education.
Position
Bush 2001 Team
Obama 2009 Team
POTUS
George Bush: MBA Harvard
Barack Obama: JD Harvard
VP
Dick Cheney: MA Poli Sci Wyoming
Joe Biden: JD Syracuse
Sec. State
Colin Powell:MBA GWU
Hillary Clinton: JD Yale
Sec. Defense
Donald Rumsfeld: AB Princeton
Robert Gates: Ph.D. Georgetown
Att.General
John Ashcroft: JD Chicago
Eric Holder: JD Columbia
Sec.Treasury
Paul O'Neill: Master of Public Adm. Indiana
Tim Geithner: MA John Hopkins
Homeland Security
Tom Ridge: JD Dickinson
Janet Napolitano: JD Virginia
UN Ambassador
John Negroponte: BA Yale
Susan Rice: Ph.D. Oxford
Sec.Commerce
Donald Evans:MBA Texas
Bill Richardson: MA Int.Affairs Tufts
NSA
Condoleezza Rice: Ph.D. Denver
James Jones: BS Georgetown
Chief of Staff
Andrew Card: BS Engineering S.Carolina
Rahm Emanuel: MA Speech and Comm. Northwestern
Again, having a degree doesn't guarantee anything. Afterall, Michael "Brownie" Brown, former FEMA head, has a JD. But after 8 years of a crew with questionable competence in their designated roles and an administration often strongly anti-science, it will be nice to see some experts back in charge.
Update: Responding to comments, my assumption was that MBA = 2 years (like most MAs) and law degrees take 3 years, hence the "more" above. But feel free to dispute in comments. Wasn't making a qualitative judgement which would be harder because not all graduate programs/law schools are created equal.