Bollocks. Ph.Ds don't mean much unless you want to do research and provide cheap labor for 5 years.
I'd say a Master's is the new BA/BS. With everyone getting an undergrad degree via online schools, or via 6+ years of undergrad college, it's ability to filter is weak. A brick-and-mortar Master's serves as a way to differentiate from that pack; I'm not sure what an online Master's equates to.