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Submission + - Is a CS PhD worth it ?

An anonymous reader writes: I am CS grad working in a startup. The job is pretty enjoyable and the people around me are great. However, thinking of life beyond this startup scares me, since most job postings seem to be full of buzz words (SOAP/XML/RoR etc) and my current job involves none of these (one of the reasons which makes it fun). For a long time, I have been thinking whether I should chuck it all and go back to school for a PhD. I am extremely passionate about CS and can pretty much imagine myself working in CS-related areas for the rest of my career. The problem is that I am not sure whether the 4 year or so effort is worth it.
Is finding a challenging CS related job really difficult for a guy with just an MS degree ?
Do PhD holding/about to acquire slashdotters have any regrets about getting it ?
More importantly in these times of economic hardship, does it make any sense to chuck a high paying job for 4-5 years of almost no earnings and uncertain future?
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Is a CS PhD worth it ?

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Doubt is not a pleasant condition, but certainty is absurd. - Voltaire