I get my Msater's degree here in about 2 weeks. MS in Aviaition Safety from Central Missouri State University. The main reason I did it was when I started, I was flight instructing for CMSU, nobody was hiring, and it was a good opportunity (just finished the BS, already in the "school frame of mind", defers student loans, etc).
Will I ever use it? Who knows. But I've learned some cool stuff and seen some cool stuff along the way. I've gotten NBAA PDP certificates out of it, learned about aircraft accident investigation, learned about airport planning and management, and various other things about aviation, but not necessarily flying. I didn't have to write too many research papers, but there were projects and presentations that were just as involved such as:
-"Here's a list of requirements we want for a corporate flight department, set it up on paper."
-Design an airport to handle X amount of operations, the biggest airplane is a B-757, expect to handle this many passengers on a daily basis.
-Set up an Aviation Safety Program.
-Investigate an airplane "accident" (old crashed airplane set up the way it was crashed).
If you have the time, resources, and desire to get your Master's degree, get it. It's something that can't be taken away from you. You may decide during the course of it to go into a different area of aviation or another industry completely.
Chris