A few random thoughts based on personal experience:
- A PhD is like a sabbatical in many ways. You are trading off time and money for what amounts to a long break to explore things or work on something that may be difficult otherwise.
- Identifying well defined problems is half the game.
- Finding a good advisor is quite important. Above all, it should be someone you can get along with.
- At least for CS, the tradeoffs are quite reasonable. In a good case, it will open more doors for you. In the worst case, you will be at the same level as a Master's student after having spent a few more years in school.
- A PhD is like a sabbatical in many ways. You are trading off time and money for what amounts to a long break to explore things or work on something that may be difficult otherwise.
- Identifying well defined problems is half the game.
- Finding a good advisor is quite important. Above all, it should be someone you can get along with.
- At least for CS, the tradeoffs are quite reasonable. In a good case, it will open more doors for you. In the worst case, you will be at the same level as a Master's student after having spent a few more years in school.