Advanced Degrees for Software Developers?

DagnyJ asks: "I am an Undergraduate planning to pursue a Graduate Degree in Software Engineering and Design. The question is whether to get a Ph.D. or a masters degree. When pursuing a career in this industry, is a Ph.D. going to make much of a difference in opportunities over a Master's degree, or would it be better to get out of school fast and get some real experience?" It's an ever popular question for college undergrads in their senior year. With the change in economic climate, maybe staying in school for a few more years might not be a bad idea.