I did (thankfully) participate in research, so I can always talk about the research work even without a publication track record. I have published since in different formats, so that worked out.
But, and this is a crucial issue, a MS in CS of any type helps get you past the HR filter at big companies. When I completed mine, it meant a significant boost in starting salary right out of the gate. If you're looking to join IBM or Microsoft, you probably need to think hard about that signaling credential . . .
Ignoring the disconnect between the academic CS experience and the reality of what most CS programmers work on in the day job, the biggest challenge I see for new practitioners is building a portfolio of software work that a hiring org can understand well enough to make a hiring or interview decision on. How do you communicate that ability and drive to hiring managers outside of your personal network? Do these combined BS/MS programs (e.g., a year of additional coursework to finish off a coursework-only MS) or simply hitting grad school still work better than saying, hey, here is my open-source implementation of path expressions for concurrency control in Common Lisp?