I just wanted to add my two cents, for what it's worth. I've been adjuncting at CUNY for the last two years with an MFA, and I have had no trouble maintaining a 3/3 teaching appointment (plus I've been offered summer courses two years in a row). I was accepted into CUNY's PhD program this year as well (also without an ECF), and, while it's not the most ideal situation, I'm pretty stoked about the opportunity--and you should be too! Teaching, you'll find, goes hand-in-hand with scholarship. Your students will inspire you, as will your colleagues. Plus, you'll leave the program with 6+ years teaching experience--and that's invaluable. I say go for it--I didn't have to think twice myself. If you have any questions about the logistics of adjuncting, though, let me know. If your main hang-up is the insecurity of job retainment, I can assure you it's not as fickle a system as it may seem. You'll be fine!