@psychschool All APA accredited schools are required to have a data sheet called "Student Admissions, Outcomes, and Other Data" on their website for viewing (or by request). Since the time of completion varies from program to program, and person to person, it's useful to look at the data sheet to see the average time to completion each year. However, I think 5 years is generally the minimum amount of time for completion. But, if you found your perfect POI and you work your butt off, I see no reason why completion in 5 years couldn't be a possibility. As far as there being an added "benefit" to earning a PhD, it truly depends on your career goals.
On another note, I was about to ask if it makes sense to switch from my EdS program to a PhD program after my first semester. One of the programs I have been accepted to has an internal process for current students to apply to move up to the PhD track. Although my goal is not to go into academia, I would like the possibility of running my own practice. Anyone have any advice or a successful experience doing this?