I have a BA in Sociology (concentration in Social Psychology; specialization in Computing) and an MA in Urban Planning (concentration in Transportation Planning).
The Bachelor's did practically nothing at all for me. Having the comfort level with computers was nice when it came to getting jobs, but that's it. OTOH, I'm a massive underachiever, so I never tried really hard to get a good job. ;-) I eventually landed in Computer Services and Tech Support.
Seven years later, I decided I wanted to become a Transportation Planner. ;-) So I went back to school. But then, we went ahead with TTC during the first quarter of my second year, so I spent the second year pregnant, and had a baby two weeks after graduation (when I still had five incompletes and a rewrite to do on my capstone project). It took me another year to complete all my coursework, and then a further year to track down all the appropriate professors to get my grades submitted ;-) but finally got my Master's. All the while, I was still a SAHM.
Now I'm working part-time, and I know having the MA justifies my pay rate at least. The writing work I did, as well as some of the community development stuff in the urban planning program, is useful in my current job (development department of a healthcare non-profit). I applied for a Transportation Planning Associate position with the City, though I can't start until at least 3 months PP if I get called up (I'm tied for second on the list). Without the Master's, I would need three years experience in Transportation Planning *plus* undergrad coursework in TP to qualify for the job, but thanks to the MA, I'm qualified even though all I've had is an internship (and the position starts at $56k a year... not bad for government work!).
Which tells you little about an AA... but here's the thing: if you go to a decent community college, and you complete an AA program in something that you find interesting, and take care to ensure that most of your units will be transferrable to a four-year program... employers will at least see that as you being "serious" about learning and expanding your options. Employers who want to invest in their employees will like it; ones who worry that you won't stay in your place will ignore it or be put off by it. It's almost like a litmus test. ;-)