Exactly. I've only applied to four programs, all in the top 5. A lot of people are surprised to hear that I don't have a safety, and for a while I was deciding whether or not I needed one. I don't. Like you said, a PhD is too much of a sacrifice and commitment to do it someplace where your research won't be completely supported or the faculty in your area aren't top-notch, etc. And all that work just to enter a shitty job market, even from a top program? No, if I'm really going for a PhD, it's got to count.
Though I wish I had your optimism regarding the compromise vs. different solution thing.