Rich, a lot of good comments above, like debk's. If they have tuition reimbursement, you're a fool not to go for the degree.
Even without the reimbursement, there is a signal factor to the whole thing that goes 'way beyond just looking at ROI in wages for the cost of getting it. Not going for it looks like "Stick a fork in me, I have developed as far as I'm ever going to go." Going for it says "I am still building my skills, mentally active and upwardly mobile." If you were a manager, which one would you try to keep around after the next 'Right-sizing' event?