This is something I struggled with before attending a funded masters program. I was waitlisted at 3 lower ranked PhD programs and offered funded positions in 4 prominent MA programs, but ultimately didn't get into the PhD (making my choice easier). In my opinion, to take a MA over a good PhD (say, lower ranked or unranked with good placement) would be a big mistake. While MA programs are a great help in preparing for programs, they are not guarantees. Also note, programs in the PGR with low rankings (40's) have virtually identical placement records to those 20 points higher (obviously the specific program will matter). It seems to me that turning down a 44 ranked program for the hopes of a 30 ranked program would be rather futile. Your job prospects will not be much better served, and there is no certainty of getting into those higher programs. Also, if you are thinking that you may try for one of those top 10-15 schools, remember that competition in those programs is so stiff that even the best students can't guarantee a spot.
Unless you are not admitted into a PhD that would serve your interests, or you are really motivated to take the shot at the top 10 programs again, passing on a PhD for a MA isn't a good idea.
Of course, this is all relative to individual desires. Perhaps a mid-ranked school is your dream school. Then maybe trying to bolster your application slightly would be a good idea.
Also, funding should be a main concern. I would hesitate to take any offer without funding, MA included.