I should probably clarify some things. The university I am going to is the state university and I am taking the online version (if available) of classes due to time contraints, so it's not an online degree is the sense of something from Phoenix, etc. I will be speaking to my counselor about this as well I just wanted to probe for some opinions beforehand.
I don't really have an ethical dilema with the tuition reimbursement. It's made available after two years of service and there is a penalty if I quit within a certain time after being given the funds. The benefit is for career growth and does not have to be related to my current job so I am within their rules.
I'll give the decision grid a shot. I guess my problem is one of both impatience (for wanting out of my current career and to start earning more) and insecurity. None of the pre-req courses I've taken involved projects, everything was basic stuff like data structures and discrete math. Most of them were really run by assistants.
What it comes down to is should I bother taking an extra year (that could be spent getting job experience or building up my portfolio after a BS degree) getting a master's if my ultimate goal is to work in the games industry?