David Brink (UC San Diego) has posted some quite sensible advice on-line that covers the main issues for a prospective grad student.
UPDATE: A graduate student writes:
One thing I noticed is that Brink claims that having a Ph.D. is necessary for full-time employment at a Community College. While I do not personally know anyone with only an MA who has a tenure-track job (or the equivalent, as some CC's don't have a tenure system) at a Community College, I often notice that when CC's advertise full-time faculty positions, more often than not, the advertisement says that an MA is required, while a Ph.D. is preferred but not required. For philosophers who are more interested in teaching than researching, I think it would be good to know just how good of a chance there is of someone with only an MA getting a full-time job at a Community College.
Readers: any insights into this?