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I was actually wrong. The dual-degree that Fletcher offers with Harvard is with its law school. The dual-degree it has with MBA programs are, instead, with the Tuck School (Dartmouth), and two prestigious schools in Spain and France
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Well, it must have changed, 'cause I worked previously with Fletcher/Harvard MBA grads who told me there was a joint program. SAIS used to have a joint program with Stanford law, and I think that may have similarly gone by the wayside. Or maybe it's just that there are so few who actually do it each year, that it's easy to overlook them. Anyway, it's my impression that there's very little "infrastructure" associated with these joint degree programs other than automatic approval for it and perhaps an alumni event or two focused on the program specifically. So far as I know, the SAIS/Wharton not like the Lauder program at Wharton, for instance, that has dedicated coursework and classes that only involve Lauder students. And Wharton is so big, I doubt there's a lot of cohesion amongst the SAIS guys once they get there.
I think the answer is: apply to SAIS/Fletcher, etc. wherever you want to be for IR, and apply for a range of b-schools that you think you can get into. I have immense respect for G'Town -- and I would welcome people to correct me if they have better info. -- but I don't see that joint degree program as being as potent as, say, a SAIS/Wharton, Fletcher/Tuck,SIPA/CBS or fill in the blank SAIS-Top 15 b-school.
A correction to the question of whether the joint degree is worthwhile: I will say: people got some VERY interesting business internships after their first year at SAIS: examples: with I-banks in Asia, banks in Paris, etc. Having this opportunity will give you a leg up and better experience with which to graduate from B-school, and therefore the joint degree will be substantially better in getting you where you want to go than only an MBA. This is one thing I forgot about. I had an interesting business internship in Asia.