Like all of the previous discussions about school/no school, it really depends on the person or the field. Some people need the structure of a university environment to learn and some jobs require a specific degree. Other people and other jobs just don't.

As far as the recessions goes, in the sciences and engineering, I would be slightly concerned about funding for students, even once you get admitted. Even before the current recession I knew too many grad students who had to TA or switch groups, etc. due to funding problems. Not something I would have imagined before I spent time in grad school.