So, I'm a senior CS major at CMU, and up til now I have taken care to keep both options (Industry and Grad School) open to me. Unfortunately (or, perhaps, fortunately), it's about time to make a real decision, so I figured I would just gather as much (hopefully unbiased) information as possible.
So, given the choice between a top tier Grad School and a top tier company (whether it's a cool new startup or an established player), which is the better choice?
For the sake of eliminating the easy answers, you can assume that I'm not sure that I want to teach and that the opportunity cost doesn't bother me.
Edited to add: Whatever I work on, I want it to be cool and new. Research affords a good opportunity to do that, but I believe a job could as well.
There may be jobs in industry that allow for similar growth, but they are certainly not the norm. It is easy to stay within one's comfort zone once one gets paid to do so.
In my (completely biased) opinion, doing a PhD is worth it for great and curious students that like to be challenged and that can afford 5 years, no matter what you plan to do afterwards (in fact, especially if you don't know what to do afterwards). You can always be a code monkey for 50 years after the PhD; it's hard to go the other way.