Agreed. In industry, if you want to work in R&D or climb the technical ladder, the PhD is a clear win -- as long as your expertise area is regarded favorably. If it's not, you've largely wasted 3-5 years of your life.

Worse, if you see yourself evolving into a management or business role, a PhD may prove to be a liability. In many commercial settings, a doctorate is seen as a biomarker for 'is too bookish' or 'prefers analysis over action' or 'lives in a dream world'. The more theoretical your thesis area, the more likely this is to happen.