Smiddy, Hoser, Orphan Crow, I agree.
I do think that it's good to have at least a Master's Degree nowadays if one is entering certain professions. Heck, I was yanked out of school at 14, and by 30 had a very successful career, after obtaining my GED and beginning university at age 22. Ah, what a time that was! Learning is the bestest career in the world.
Education is a wonderful thing, and I've pursued it all my life as a perpetual student. Unfortunately, politics and connections will get you much farther in most fields than will your letters and hard work. Sad but true.
OC, hmm, depending on your specialization (ie, visual, film, sculpting, etc.), you may fare better with some good marketing. Your degree is NEVER wasted, please remember that! Yes, the art world is one that will disillusion a person quickly, but never stop creating . find a way. xoxo