This new M.Sc. program at the University of Toronto seems like a great opportunity for people that want to go to grad school and then return to industry:
In September 2010, the University of Toronto is launching a new Master of Science in Applied Computing program to educate the next generation of technical leaders, innovators, and entrepreneurs as they learn how to turn research into practical applications. Students will spend the first eight months studying with some of Canada’s leading Computer Science researchers, and another eight months in an industrial internship, where they will apply what they have learned to real-world problems.
More details here.