The PhD hat: useless.

What you really learned in PhD program: priceless.

At least two things are very valuable (compared with Masters):

1) ability to work long time, independently, under pressure and uncertanty;

2) you tried and failed, so you built a large library of [first hand, in-depth] knowledge which methods are working, which are not.

You may argue that you can know this by reading a single article. Unluckily, you have to try for yourself. The inventor of each method is sure to say his/her method is best. Only you can know if it is the case.

Only PhD program allows you try-fail-try-again-...-successful!

If you are in MS program, it is too short for any real challenge.

If you take a project in job, you dare not take any risk -- the first time you fail, you are fired!

I don't know much about CS, but I think my conclusion is generic.