Master's is definitely still very useful. There are some programs that are focused more towards applying statistics (e.g. NC State) that you can check out. Or you can pick another field that you are interested in, and try to do more quantitative research with that field.
At UW biostat, last year's cohort had 8 MS students I think. The intro methods class has about 60-70 students (biostat + epi) and theory class has about 40 (biostat + stat). Everyone brings their backpack backpack and takes a lot of notes!
If you are concerned about being limited in career options, UW biostat and stat students take many of the same core theory courses. Biostat students can get an advisor who is in the stat dept as well. Woohoo!
One nice benefit of going to UPenn is you can brag at dinner parties that you went to an Ivy League school!