Do you believe a master’s degree in psychology is undervalued as a graduate degree? Why or why not?

If you had to choose a graduate school model to pursue (scientist model, practitioner model, or the scientist practitioner model), which would you choose and why?
What are the pros and cons of pursuing a PsyD versus a PhD?
Do you believe a master’s degree in psychology is undervalued as a graduate degree? Why or why not?
What are the benefits to getting a master’s degree over a doctorate?