What I should have said was, I wouldn't get a PhD if it seemed UNLIKELY that I could get an academic job with it. I want the statistics to be on my side, so I'm going to get a PhD from the best school I am accepted at.
Wreckofthehope: I know you take it personally when I say stuff about employability, since you're going to a lower-ranked program. I'm not saying that you made the wrong choice, or that you won't get a job. All I'm saying is that for ME, since I have a certain academic background and certain expectations for resources and connections, I would not be comfortable going to a PhD program without a stellar placement record. I'm insecure that way. I don't trust myself to be an amazing standout at a no-name school. I expect I'm more likely to be a decent candidate from an amazing school. Everybody's different, but as far as Its(Not)AboutMe's strategy of applying to a bunch of top programs -- well it's a viable strategy, and I can respect it.