I decided to stay at my undergrad institution for an MA. I did not get into any "good" PhD programs from undergrad. I thought that if I stayed, it would give me a leg up. I already knew the faculty, so I would have people to work on research with immediately.
For me, this was the best decision. I got an RAship and was able to work on two other research pieces in addition to my thesis while I was here. One turned into a co-author pub, the other was just a presentation, but filled in a CV line nonetheless.
This application cycle, I got into 3 out 5 programs, all in the top 50 or higher. I know the research helped, I think putting up some grad grades helped as well. Also, most of the schools that accepted me are willing to take some of my MA classes (Stats, Theory), so it wasn't really time wasted and I'm not repeating anything from having done it.