I agree that an advanced degree is becoming somewhat of a cutoff point for
employers... It's something we're going to be stuck with, so we may as well
just get used to it.  Everyone will have to have an advanced degree to even be
considered.

What I think about work experience is something entirely different, however.
Although some employers may use the advance degree as a cutoff point, they do
consider related experience in the field they are hiring for.  Experience is
so valuable in any project that it will never be overtaken by titles, degrees,
or any other initials you want behind your name.

My point:  Do what you love to do, do it the best way you know how, gain the
knowledge and experience you need, etc.  Don't just do it because that is what
your job expects of you... do it because you expect it of yourself.  Employers
will appreciate the difference in experience when they look over the other
applications.  I've learned one thing so far in my job searches--You can't
have just the minimum requirements needed for the job and expect everyone to
be awed by your wisdom.  You have to STICK OUT FROM THE CROWD!  Go the extra
distance.  Your initiative and your talent will both be noticed, which is
nearly the only route for advancement when everyone and their brother Joe all
have the same qualifications.  Take whatever steps you have to make yourself
noticeable.  You'll have more experience in the end, as well as the knowledge
and the confidence that you can do something that very few other people can
do.  When you have this, an advanced degree doesn't mean diddly.  Life
experience means all the more in the longrun.

Wishing you all the best of luck (and working desparately for my own)
    Deb