PhD versus 2nd Masters

[cookderosa]

My other thread, "Addicted," has inspired me to ask a question regarding PhD's versus obtaining a 2nd Masters. I'm not talking about myself, I'm just curious about what everyone thinks about the general pros and cons. Basically, if you had the choice, would you choose a PhD or another Masters? What is your reason? What are the pros and cons to both choices? Here is what I've come up with:

Getting a PhD -
Pros: highest level of academic achievement, extremely prestigious, beneficial for those who may wish to pursue an academic career, huge personal accomplishment.
Cons: Few available programs for working adults, time-consuming, research-focused (this could be a pro or a con, but for me, taking many classes on how to do research + statistical analysis sounds like a snoozefest)

Getting a 2nd Masters:
Pros: TONS of options worldwide, ability to choose a more "prestigious" university (not important to me, but might be important to someone who feels insecure about having a Big 3 undergrad,) less time consuming
Cons: What does having a few more letters behind your name really do? Not likely to enhance career except under very specific conditions, low ROI, possible lack of friends/family support - for example, everyone is proud of you getting a masters degree, but might think you're crazy or a perpetual student if you go back to school.

Any other thoughts? Would love all opinions even if you would never consider getting either a PhD or a masters.

That's my girl......