All opinions on this kind of things are biased. People who say PhDs are not better usually do not have PhD degrees. And you also know that there are a lot more non-PhDs than PhDs in the workspace/world. Therefore, more people think this way than those who do not.
In culture revolution of China, some real famous person even said, the more books you read, the more stupid you became.
Statistically, people hold higher degree do better, know more, have better problem solving ability in their fields. That is why the VCs pay attention to degrees. They don't want to throw their money in the
water. People who are techier are on average less good to be managers. However, we have MBA's, PhDs from such as Harver business schools too. You can argue on that with special cases, give me personal experiences, famous counter examples, etc. etc. I have a lot of those too.
BTW, I pay more respect to PhDs, since I know they can do something I could not. Even I had personal experiences having beaten some PhDs on a highly techy job in the past.
[ August 06, 2002: Message edited by: Roseanne Zhang ]