One footnote; while many of you mentioned TA's (I assume these are the same as GA's?), I'm reading a book called "Getting What You Came For: The Smart Student's Guide to Earning an M.A. or a Ph.D.", and Robert Peters talks about getting stuck in school for additional years because schools are wasting students' time as cheap labor teaching classes at the expense of their education, and that by forgoing these "opportunities" a student is more likely to be able to devote more time to working on their thesis and graduate on time. Do you agree?
Also, regarding getting funding and getting into PhD vs MA programs, natsteel said, "I would apply to both PhD and MA programs because you could possibly end up getting an offer to do a PhD with funding." Do students ever apply to PhD programs with only the intention of getting their MA? For example, Rice University gives preferential admission to PhD's over MA's, and I'm wondering if students who apply there wanting an MA just outright lie and say, "Sure, I want my doctorate" with the intention of dropping out as soon as they reach MA status? What happens to funding you may have received as a PhD candidate if you don't finish your PhD - does it have to be paid back? Any comments?