Great points. I'm waiting for some replies reagrding average time to degree. That will definitely have a great bearing on my decision. Honestly, I worked full time during my masters which, as you mentioned, weighed heavily on my ability to conduct research, publish, etc. So, I'm not planning to go into a doctoral program and experience the same woes.
This sounds like a prime opportunity for someone that may have funding through their employment, or have some supplemental funding. Seven years seems more like a part time program, but I know it's different accros the board. My advisor worked his way through his PhD at the school, so his tuition was paid for by the university as an employee, not grad funding. So, while he went part time (took him 7 years), he never had to pay a dime. Lucky duck!
The whole idea of having to apply for grants or find funding for yourself in your last years makes me weary!