For those wondering, average age is usually around 26-28, iirc. 4 years of experience is the average, with about 50% of the student body having 3'ish years of experience in a finance or consulting firm.
Yes, and you can bet that most of the 26-28 year olds have been on the track to an MBA since their undergrad, pausing only to gain just enough experience to make it into a top B-school.
And it's questionable if that satisfies my "significant experience" criteria.
They will have a grounding in the real world; whether they have enough of one will of course depend on the individual.
For that matter, if they grew up helping run the family business(es) as I sort of did, they could potentially go straight to B school with little to no harm.