What Are the Advantages of Earning a Master's Degree in Applied Physics?

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Poop-Loops
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I'm only in my 2nd year of undergrad, but I'm already thinking about what I'll do after it. For a while now my plan has been to go get a Ph.D. in applied physics. But I keep thinking about how long that will take...

So what about a Master's in applied physics? Is there still useful things I can do with that degree?

Right now the thought of spending 7 extra years in school after undergrad scares me... I might change my mind (again) later, but I really want to know all of my options...
 
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Ok, so how about a Ph.D. in applied physics? I was thinking of going into the private sector and doing experimental work. That's pretty feasible, right? I don't want to get stuck behind a chalkboard doing theory all day long. I COULD also teach at a Univeristy if I had to, I'm a pretty good tutor and it's not so bad, but I'd rather just to straight research or something.
 
Stick with the experimental side of physics. Look at programs where the thrust is in electro-optics or device physics. You'll have the opportunity to design, fabricate and test your device and it should be a decent thesis topic.
 
I love designing things! Not artsy-fartsy stuff, but things that actually serve a purpose. Is there a good chance that I'll actually get to do that for a living, and not just push paper for someone else?
 
With lasing in silicon, the job market should be open for any and all research into its applications. What can be done with a truly integrated chip boggles my mind for future expansion of the electronic industry.