I don't have any personal experience in this since I only have a BSc in MSE, but the jobs are soso, depending on where you go and what you want to do. Things are still a little tight economically so a lot of the time companies would much rather hire a BSc than an MSc I find. They still have to train both, but more education means higher salary. I'm basing this around what I've heard though locally. I know that here (Alberta, Canada) the only difficulty with BSc is that a lot of people don't know what a materials guy does, but most of last year's graduating class has a job now. Unless you want to go to graduate school for a very particular reason I would suggest first looking at the job availability you have access too. Mechanical engineers are very often hired for a lot materials jobs too if that's your particular interest - anything steel related works.
Of course there are certain MSE jobs you couldn't get - think semiconductors and advanced materials. For that it might be worth it simply to get that materials qualifications. It does vary a lot globally too, and I only know about Alberta, which is doing okay with the oil and gas industry.