I completed my PhD in EE/CS 4 years ago. Right after submission, I was unemployed for 6 months and during which time, I applied for 1000+ positions. Only on my 3rd interview, I was offered a junior dev position with minimum compensation in a SME.
Initially, things were good. I paid my bills and was doing many things I couldn't do as as a grad student i.e. going on holiday, fine dining, drinking binges. Work wise, I enjoyed the first year or so learning and coding new languages/platforms.
After a while, I woke up to the fact that my firm has deep problems in terms of work flow and project management. Almost 90% of the web projects we completed in last 3 years were failures. Perhaps I was too naive, I fed them back to the management and highlighted that the problem is with our SDLC and some incompetencies in mid-layer management and tech people. This did not rhyme well, I was kicked out from dev team and transferred to a different department; and my promotion was denied while every other fresh grad was promoted before me.
Overall my experience is, PhD can work against you. For a start, bosses are always intimidated with your superior intellectual brain and over the top communication skills (and don't forget, most bosses will be at your age too). Other aspect is, rest of your co-workers been there or has cut-teeth in corporate politics, so in an event of political power-struggle, quite literally you don't know what to do. Also most firms has no idea what to do with a PhD qualified human resource, let alone having a boss who can manage one. Lastly, not being mastered in some technologies (like Java) can be a disadvantage.
As of today, I'm feeling quite dejected and unappreciated at my firm. Lately I am looking for a new job (preferably something outside IT). I don't know what the future holds for me. As much as I regret taking up above position, on the hindsight, I landed on that position during recession years and helped me to sail through those critical years.