To Bob: Depends on what they want you to do during that Ph.D. time. If it's an interesting topic go for it. If not, I wouldn't do it but that's my personal opinion. I also was offered a Ph.D. track (paid) but declined. I had seen first hand the bureaucratic hurdles while doing my final project. For example, getting materials was a pain in the neck. I just wanted them to hand me my masters and then hightail it into industry. Which is what I did, never looked back.
As for what Ph.D. does on a resume, as a hiring manager I never cared. It was neither a plus nor a minus. Leaving it off the resume may not be so cool because an alert interviewer will want to know what you did during all those years.
I got read the riot act because a clandestine soldering iron (mine, from home) was found on our multiplex truck during an unannounced inspection and unfortunately some big brass was present. A contributing factor to the summons was a unauthorized non-drab-green and thus non-army-issue spool of solder. One was supposed to call the maintenance truck and never, ever, blah, blah, blah. This was all actually not said but hollered at me.
After a brief "discussion" I got them to check some records. Turns out our multiplex truck was the only one that never failed to report being fully operational when commanded to be, and in record time. And we had never called the service truck, ever. "Umm, ok, that's impressive. But make sure we never FIND a solder iron again on your unit, will ya?" ... "Yes, SIR!", saluted, and went back to business as usual.