Masters Degrees

Many people have doubts about how valuable their masters degrees are in today's uncertain business environment. Some of my friends with masters have not found the great paying, fulfilling jobs they were hoping for after graduation. I think work experience will always be a very serious competitor to masters degrees (especially in the corporate arena), it seems these days that employers are looking for people with very specific skills and background, regardless of education. I don't want to discourage anyone pursuing a degree (I am a very strong believer in higher education); that is just my observation, lately. Does anyone think differently?