I come from the school (or belief system if you will) that one should get the degrees needed to do what one wants in life (i.e. what is required for your chosen career). Unless you are an academic type, multiple graduate degrees probably are not the most effecient use of your resources. I have a problem with "career students". While I was in college I worked in the computer lab at a community college. I saw so many people getting 3 or more associate degrees. This is on a smaller scale than having several masters' degrees or Ph.Ds. But it still begs the question: Why not choose a degree that will allow you to meet your needs the first time around? I will get my MBA so I can teach at a community college. I will not get 10 more masters' degrees so I can wallpaper my walls with diplomas.
I agree with your point about shit in, shit out. School does put so much useless crap in your brain. One needs to clear out the garbage once in a while. All my courses in psychology and anthropology provided info that is useless to me know. Hell, my minor (Engrish) has proven to not be very useful. I should have taken Crisco and Duct Tape 101 as electives.