I realize now that PhD or not (I'm going to be applying this fall) I will probably always be an adjunct. If the program pays for my PhD, then I can't see a downside-- be an adjunct with or without a PhD. I actually do enjoy learning and liked getting my masters and writing my thesis for that. Still, it's pretty depressing. I love teaching and wish it could be a full time gig, but until then I will keep doing part time at 3 different colleges, teaching more than a full time professor while still getting paid far less.