Of course, it all depends on what you want to do with your life. Do you want to be a researcher/teacher or work in industry? We just started a PhD for New Media, but it is heavily research based. You could probably slant 3D graphics with uncanny valley, virtual reality, virtual worlds, cellular, physics based CG research, or even engineering research. It sounds insane, but there are people (even a former ILM artist) salivating trying to get into this degree. Why? Because, there is possibly no ‘better job’ in the world than being a tenured professor (#1 overall job in Forbes…and no I’m not tenured). Phd professors teach 1-2 classes a year, get a 6 month paid sabbatical every 3 years, around a 6 figure salary, and are basically untouchable (though you have to deliver on the grant side of things). With a Phd, you basically have a job for life as universities, especially in this economic climate, are clamoring to increase their terminal degree (non MFA) percentage stats for federal funding. After saying all that, if there is any inkling of you wanting to work in the industry, then I’d have to question your sanity. A PhD is usually 3 to 4 years of intense studies, that requires extraordinary writing abilities, a creative mind at an elite level, peer reviews like you’ve never seen, an insane amount of money, and very little actual 3D work I would presume (mostly writing and mathematics for CG research). If you want a more arts based terminal degree, then I’d suggest the MFA actually and not a Phd. Just know exactly what you want to do, before you make any rash decisions.