Seriously. IMO someone reading through, say, the TAOCP, Rudin's Real and Complex Analysis, Horowitz & Hill's TAOE, or any selection of good, difficult books like these, will have acquired undoubtedly more intellectual freedom afterwards than any PhD graduate. For starters, it's self-directed study, which is orders of magnitude harder, and more important to self-growth, than study directed by an advisor, or any bit of structure. It's also faster. It doesn't sink you in any significant debt, which is a plus on the order of physical freedom. It's much more eclectic, which is incredibly important, both in terms of the monopoly power you'll bear, and the scientific value your unique analogies between concepts will create. Hopefully.
Sure, there's no paper afterwards to show. My take is that, credentials or not, you'll still have to show your competence to a potential employer or investor, your exposition tailored to the particular needs you suspect they have.