Doctoral degrees: The disposable academic - Why a PhD is a waste of time

[Armstrong]

So what is the verdict about doing a PhD? Yea or Nay?

Doesn't it depend more on what you're doing a PhD in ? Which is to say aren't some academic areas more applied than others; for example you'd very rarely find someone doing their PhD in Accounting & Finance or Management - A good Chartered Accountancy qualification & a great MBA usually more than suffices. But at the same time you'd find very few from amongst the Humanities or the Pure Sciences not going for a Doctorate & sometimes even a Post-Doctorate !