I would suggest against a PhD in CS right now unless you know exactly where you want to work and that they require that kind of degree, or if you want to be a teacher then a PhD is very valuable. I need stuff that works and fast, not to re-invent the wheel by using outdated techniques your professors taught you.
A masters degree is probably the best higher education in this field. For programming it's all about ability, work-ethic, and long term relationships with the company, because you are an investment as an employee.
I do consulting and have never had anyone ask me about a degree (I have a degree in a completely unrelated field), I don't even give out a resume and would not hesitate to tell a potential client to piss off just because of the huge amount of work available for someone who can create value for a company.