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I would never have forgiven myself if I hadn't done a doctorate degree. It turned out that I wasn't a star, I didn't produce the research that would put me on to a tenure-track position with ease. But I don't think there was any way I would have found my limitations without doing it, without seeing how much smarter some people were - I would always have been left wondering what could have been. Now, I have come to terms with it, and moved on.

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I'm in my 6th year of a (hopefully soon-to-be-completed) doctorate, and my experience has been very similar. I started the degree because I wanted to learn more about a particular field and develop the related technical skills. I couldn't think of a job where I could get the same benefits. I've learned a ton, but have also seen that while I have certain strengths, there are others who are smarter, more motivated, and frankly have different priorities than I do. Like you, I'm now coming to terms with it, but I have a better idea of what strengths I do have and am working towards putting them to good use.

Motivation is the big factor. Most PhDs are smart enough to pursue a career in higher ed, but it takes a PhD to evaluate your level of motivation / love of the subject. Intrinsic motivation is becoming even more important given the incentives for entering the field are diminishing (job insecurity, more senior management, publish or perish).

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