Hi Spongecake,
I'm a non-trad vet student (I'm 35), and arrived at this juncture following an initial career in basic science. I began my PhD in Comparative Physiology in a well-regarded program (top 5 globally for the specialty) in 2001. I was gung-ho...absolutely dead set on becoming a tier 1 faculty scientist (just like my mentor). There was no alternative career path in my mind. Eight years later, I left my PhD with a Master's Degree. I love science and the physical aspect of 'doing' research (the hands-on, as well as project design). What I didn't like was the pressure to publish (not only the quantity of papers put out, but also the competition to which journals they went) and the cut-throat competition for grants. I'm a decent writer. When I arrived in grad school, I was ok with the notion of having to publish to keep your career (I published my first, primary author publication as an undergraduate). I even enjoyed writing. Nothing made me hate writing more than graduate school. At that level, writing isn't just writing- it's writing to convince your audience that your ideas are worth a second glance. I'm a great technical writer, but a poor persuasive author. Grant applications are, in effect, persuasive writing. The rejection in graduate school is constant. You've got to toughen up, and quick. I'm not saying that rejection doesn't happen in other fields, but with the current funding climate for academic science, it's ever-present.
I recommend spending some time with yourself to decide why you want to pursue the PhD. For me, it was about the mentorship involved in science training. I desperately wanted to be an acolyte at that stage, to learn the craft from a master. Although a noble ideal, this was a poor reason for choosing that road. I did learn science from a Master Craftsman. He's now the Dean of Research from my alma mater, and I couldn't be more proud of him. I still look up to him, and admire his mind and political sensibilities (also important for a successful academic). We're friends now, despite me having departed the PhD. In fact, he wrote me a stellar recommendation for vet school and was very supportive of the career move. I'll never regret my time in graduate school. I learned more about myself than I can ever put into words, and did some quality science along the way. Graduate school led me to lab animal medicine, my true professional love. Following my exit from the PhD, I worked in industry for multiple years. I learned what it's like to be dumped by a company at the drop of a hat because or corporate restructuring- another tough lesson. That being said, I found that I quite enjoyed industry science. It's here that I'd like to end up post-lab animal residency.
Make no mistake, I'd do it again- not for the degree, but for the life experience. I can't comment on the MD/DO route. Others will have more to say on that issue than I do. If you're serious about being a productive scientist (particularly in academia), the PhD is the way to go. A clinical degree will introduce you to a broad spectrum of topics in biology, but it won't teach you the craft of empirical research- and, I would argue, the equally as important component of the job- science writing.
Good luck with your decision! Think long and hard about this one. A PhD is a long, lonely road. The compensation can be decent, but certainly isn't out of the park. Do science because you love science AND love to WRITE about science. I wish you the best.