I just got a Master's in engineering and I rejected funding to continue on into the PhD because I could not see myself continue for 4 to 5 more years of the same. I'm looking at jobs right now and of course I'd guess that most places don't really care that I have a Masters since most of the positions available are unrelated to my specialized field. PhD's are far too specialized and it seems there is little collaboration with industry. I'm starting to think that if you don't have a job lined up by the time you graduate your chances are cut in half.