I'm just an undergrad (graphic design) just about to finish up my studies. OCADU has it's problems, but the Strategic Foresight and Innovation program seems amazing. As a graphic design student I was exposed to some foresight methodologies a little by Greg Van Alstyne, and was so excited by it I tried to take a class on Guerrilla Futures with Stuart Candy but couldn't afford to pay for it (I cried for three days when I realized I wouldn't have the opportunity, I was pretty excited). Both Greg Van Alstyne and Stuart Candy are amazing people.
You might want to look at the following links and the kind of research the SFI department focuses on if you haven't come across it already:
sLab (Strategic Innovation Lab)
I also met Spencer Saunders, president of the design studio Art & Science. He's an alumni of the program. I had the opportunity to ask him a few questions about the program. He said that there was a huge variety of the students in the program, but over half of them were running there own businesses while studying - that intimidated me, but I think studying with individuals who are so driven would be a great experience. Art & Science post PDFs of their research using foresight methodologies - Art & Science Research. I believe the Future of Advertising was the outcome of his masters studies. He also had many great things to say about Greg.
In terms of theory versus practice, that is up to you, what you want to do with your masters, and what you want to do after. Before coming to OCADU, I did two years in a college, and dropped out, because I wanted to do more with my creative drive than learn how to make things. The focus on conceptual practice at OCADU was exactly what I was looking for. It is true that sometimes, on the practical side the courses are a little lacking, but do you really want to spend $600 on a course to learn how to use a program? There are a lot of resources available at the school in terms of workshops and people to advise you (there is a "nerd night" where you can drop in and learn programming skills, etc). I trust that everyone in the SFI faculty will be equipped to point you to the right person to speak to for help, depending on what you want to do and what you want to learn. You do have to be very self driven, but if you are interested in doing your masters, I'm sure you already are.