Thought I would give my opinion as this issue has been greatly influential in my own grad school career. I got my MA from a clinical psych program and while I enjoyed the training it was simply a stepping stone of sorts for a later PhD program. Based on faculty opinions, respect through out the field, possibly pursuing an academic career and the importance, I believe, on integrating good research AND clinical training, I knew I wanted a PhD over a PsyD. My issue however, was just as stated here, I am most drawn toward being a clinician and working in applied settings, not strictly research. Some programs don't want to hear that, at least not at the beginning. This is why I have been so attracted to Counseling Psychology. The program I will be starting is a Counseling Psych PhD, APA approved, and while I will still be expected to produce original research and collaborate with faculty (as should be expected), I will be getting thorough clinical training, in multiple orientations and contexts (individual, couples, family, CBT, Psychodynamic, etc.). For me, this was an Ideal fit... but once again one must base these decisions on one's OWN interests and future goals.
The only downside I think is the funding. In my experience, counseling psych programs usually offer partial funding at the start where as top clinical programs have full funding through out, this of course is based on the focus and priority of research grants and publications within clinical psych programs.