I've been trying to decide for over a year whether or not to get a master's or PhD in physics.

Pros of a masters:

  • I'll have time to pursue and learn what I want
  • I won't be miserably overworked
  • I'll start making 3x as much money as I am now
  • Better financial investment in the long run
  • I could probably work my way back in to graduate school if I really wanted to

Pros of a PhD:

  • I won't take a hit to my ego

That's really what it is.
I have no intention of going into academia so I'll be in industry either way.
But then I can't put PhD at the bottom of my emails...